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The Kenyan shilling is quickly devaluing in opposition to the greenback, breaking a file low of 114 this week and prompting fears {that a} probably harmful financial cycle is gaining momentum.
There’s rising concern that Kenya is spending an increasing number of of its restricted overseas trade reserves on imports and debt servicing prices, each priced in {dollars}, which then provokes forex merchants to promote shillings that finally results in a devaluation of the Kenyan forex.
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