Kenya shilling hits new record low

Kenya’s shilling fell further to a new low against the dollar on Tuesday a day after the Central Bank governor Prof Njuguna Ndung’u refused to intervene and stabilise the currency’s performance.

On Tuesday, the shilling traded at Sh86.45/55 against the dollar compared to Sh86.15/25 on Monday.

According to Reuters, traders have attributed the fall to Ndung’u’s comments, after he said there would be no intervention to support the shilling, which is down 6.7 percent against the dollar this year to date.