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Central Banker Scoffs at Firms Who Say Kenya Has Dollar Shortage

  • Importers say difficulty in accessing dollars hampers business
  • Shilling fell to lowest level on record against the dollar
Updated on

Kenya’s central bank governor said there’s sufficient foreign currency to meet demand, brushing off manufacturers who warned a shortage of dollars is affecting their ability to do business.

The Kenya Association of Manufacturers, an industry lobby group, said Monday importers are struggling to import raw materials because they can’t access dollars at the official rate of about 116 shillings per dollar, forcing them to buy at a rate of 120 shillings or higher. The lack of availability of foreign currency may create “a parallel shadow market with unwanted consequences,” it said in a statement.