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By Billow Kerrow
What ails the Kenya shilling? In spite of the several knee-jerk measures by the Central Bank, the shilling continues to depreciate. Even after the Central Bank Rates (CBR) was raised to 11 per cent this week, it remained in free fall, selling at over Sh104 to the US dollar on Friday. In its usual confusion, CBK has reversed its earlier proposal to sell dollars directly to the importers. Treasury too has taken its familiar line – asking for more IMF loans! Will these measures help?
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