Weakening shilling pushes up Kenya’s debt by $4.1b
A trader at Muthurwa market in Kenya's capital Nairobi counting money after the day’s sales. The shilling has continued weakening against other major currencies and this has led to higher prices of commodities and increased overall cost of living in the country. PHOTO | FILE | NMG
Kenya’s depreciating currency cost the country nearly half a trillion shillings on the external public debt burden alone, eroding the government’s efforts to pay external lenders.
The shilling, which continues to present a challenge to the economy mainly in servicing of external debts and importation of goods by businesses, devalued by 9.3 per cent from 107.85 units by end of June 2021 to 117.83 by June 30 this year.
