The local currency has hit a new record low of Sh. 143 against the US dollar. This is the latest in the helpless fall of the shilling that the government under President William Ruto has been unwilling or unable to stop.

As the shilling hits the 143 mark against the US dollar, local banks have been selling at highs of Sh. 150. Reports say that at KCB Bank, the US dollar is selling at 148.9, at Sidian it is selling at 150.9, and at I&M it is selling at 152.9. Diamond Trust Bank (DTB) appears to offer the fairest rate among banks of around 146.

Official data from the Central Bank of Kenya showed that as at August 8, 2023, the shilling’s official rate was 143.11 against the US dollar. When comoared to other major currencies, the shilling was also on a helpless free-fall.

The CBK data indicated that the shilling’s official rate against the Sterling Pound was 182.57 and 157.3 against the Euro.

A report in local media shows that over the last 50 months starting in January 2020, the shilling has lost nearly 50 per cent in value against the US dollar. As at January 2020, the shilling was trading at lows of 100.9 against the US dollar.

How to access Safaricom interest-free loans of up to Sh. 100,000

The current fall has been particularly sharp since the presidency of Dr. William Ruto started. As at August 2022, the loca shilling was trading at 119 to the US dollar. This means that in twelve months since the election of President Ruto, the shilling has lost Sh. 24 in value.

The National Treasury, the Central Bank of Kenya and the presidency has remained silent over the depreciation of the local currency, raising fears that the shilling’s depreciation is driven by manipulation.

This follows a pattern in which the shilling is losing close to one shilling against the dollar every two weeks to one month.

In the first quarter of 2023, President Ruto had claimed that the shilling would recover to lows of 115 against the US dollar. However, this has remained a pipe dream with the local currency continuing to lose value unabated.

Alarmingly, the shilling had also lost value against regional currencies with the Ugandan currency gaining by as much as ten shillings against the Kenya shilling and the Tanzania shilling by around two shillings.