Kenyan Shilling Hits Historic Low as Forex Reserves Fall, Inflation Rises
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The Kenyan shilling hit a historic low of 150 against the U.S. dollar on Monday, putting pressure on forex reserves.
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Kenya's forex reserves fell to $6.83 billion in October, enough to cover only 3.67 months of imports.
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The central bank blames the shilling's decline on rapid global monetary tightening triggering investor flight to the dollar.
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Inflation rose to 6.8% in September, up from 6.7% in August, making imports more expensive.
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The shilling also hit new lows against the British pound and euro on Monday.