The Kenya shilling slipped to an all-time low of 119.6800 against the US dollar in early trade on Monday, as investors flocked to the safe-haven currency ahead of the country’s General elections on Tuesday.
The Kenyan currency is down by 5.7% since the start of the year and has fallen for the 14th consecutive month according to data from Bloomberg.
Kenyans will on Tuesday head to the polls elect a new leader in a fiercely contested election between 55 year old Deputy President William Ruto and former Prime Minister Raila Odinga, now 77. Members of parliament and county officials will also be elected.
In its weekly note, the Central Bank said it has foreign-exchange reserves of almost USD 7.721 Billion (4.45 months of import cover) as of 4th August, which it has been deploying to protect the shilling.
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