Global recession to further weaken shilling, says AfDB

The shilling has been in a free fall hitting an all-time low against the dollar. [Wilberforce Okwiri, Standard]

The shilling is projected to depreciate further against the US dollar and may come under additional pressure from a slowing economy and tighter global economic conditions, a new study says.

According to the African Development Bank (AfDB), the tightening global financial conditions are set to continue destabilising the foreign exchange markets of most African countries including Kenya.