Thread by @SokoAnalyst

Kenyan Shilling Still Spiraling Down; Any Hope? bit.ly/3AEPjLG #CytonnReport @CytonnReport @CytonnInvest

@CytonnReport @CytonnInvest The Kenyan shilling continued to depreciate against the US dollar to close the week at 119.6 shillings, a 0.2 percent depreciation from 119.3 shillings recorded the previous week. bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest The depreciation during the week was partly attributable to increased dollar demand from the oil and energy sectors against a slower supply of hard currency.

bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest On a year-to-date basis, the shilling has depreciated by 5.7 percent against the dollar, higher than the 3.6 percent depreciation recorded in 2021.

bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest High global crude oil prices are on the back of persistent supply chain bottlenecks coupled with high demand as most economies gradually recover.

bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest Increased demand from merchandise traders as they beef up their hard currency positions in anticipation of increased demand as economies pick up.
bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest An ever-present current account deficit due to an imbalance between imports and exports, with Kenya’s current account deficit estimated at 5.3 percent of GDP in the 12 months to May 2022 compared to the 5.0% within a similar period in 2021.

bit.ly/3AEPjLG #CytonnReport

@CytonnReport @CytonnInvest The aggressively growing government debt, with Kenya’s public debt, has increased at a 10-year CAGR of 18.2 percent to 8.6 trillion shillings in May 2022, from 1.6 trillion in May 2012 thus putting pressure on forex reserves to service some of the public debt. #CytonnReport