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NAIROBI: Prepare for further weakening of the Kenyan shilling in the next two-three months despite Central Bank of Kenya’s tight monetary stance, latest confidential banking industry insight report on foreign exchange and interest rates trends warns.
The report released at the end of last month states that while extreme volatility in the forex market appears to have been tamed by the recent CBK efforts, the general strengthening of the dollar globally, weak returns from tourism and agricultural exports and a net capital outflow will continue to exert pressure on the shilling in the short to medium term.
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