This archive report was first published on 30 July 2019.
On July 30, 2019, the Kenyan shilling hit a near five-year low, trading at 104.25/35 per dollar, according to commercial banks.
This decline marks a continuation of the free fall that began last week, with the shilling last trading at these levels in October 2015.
Central Bank Governor Patrick Njoroge attributed the currency's fall to seasonal demand for dollars and excess liquidity in the money markets, dismissing reports of changes at the National Treasury over financial misconduct allegations against former Finance Minister Henry Rotich.
The shilling's decline comes after it dropped to 104.05/20 to the USD last week, its lowest level in almost two years, following Rotich's sacking over the 'Dams Scandal.'
Bonds maturing in 2028, 2032, and 2048 slipped around 0.5 cents in the dollar.
