| KENYAN CURRENCY ON A FREE FALL |
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I have been following keenly business reports from Kenya and i must say what is happening is sad. These are hard economic times for East Africa especially Kenya. Inflation has is over 16 per cent. The Kenyan currency is in what is called a free fall. The Kenyan, shilling has dropped 20 per cent making it the worst worldwide. This will prove to be hard times as everything will be sky rocketing. This will not only hurt the common mwananchi but the country’s economy will be adversely affected. Some blame Central Bank of Kenya, saying it was too slow in reacting, which aggravated the situation. This poses a risk to Kenya and it would be good if the blame game is put aside and focus directed on helping the ailing economy.
Is it possible that the Central Bank is holding foreign reserves in greater quantities than is necessary? Can something be done about this? Mark Owiti Kisumu, KENYA |