President Uhuru’s handling of the economy has reminded Kenyans of his time as the finance minister when the shilling tumbled against the dollar to peak at over one hundred shillings.
At its peak, on October 12, 2011, the shilling traded at Ksh 107, a record that has this week been broken by Forex bureaus as banks slowly catch up at sh 106.
Analysts predict this trend is set to continue, prompting Central Bank of Kenya governor to convene an earlier meeting with CEOs of commercial banks.
While speculation had been rumoured to be among the factors weighing on the shilling, it is until this week that it is being raised loudly, and is expected to be discussed during the session today between CBK Governor and heads of commercial banks.
More shocking, CBK is also wrestling with depletion of foreign currency reserves. Â At the start of the financial year in July, the reserves stood at $6.7 billion, but have since fallen by Sh31 billion ($300 million) as at last Thursday according to BusinessDaily, a leading financial paper.