Kenyan Shilling May Fall to 92 Per Dollar, Renaissance Says
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The Kenyan shilling may weaken to 92 per dollar by the end of the year from about 85 now because of declining reserves and rising government spending before elections, Renaissance Capital said in a note to clients today.
The shilling has rallied from a 17-year-low of 106.75 in October as the Central Bank of Kenya, led by Governor Njuguna Ndung’u, increased its policy rate by 11.75 percentage points to a record 18 percent since September.