Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Kenya’s missions abroad incurred foreign exchange losses amounting to Ksh761.58 million ($5.22 million) due to rapid depreciation of the shilling during the 2022/23 financial year, forcing them to abandon some projects.
The auditor-general reports that the losses resulted from differences between the quoted exchange rates by the Central Bank of Kenya and transactions made in the host countries, which was compounded by the shilling freefall during the period.
