Kenya: Kenyan Shilling Weakens on Moody’s Credit Rating Downgrade & Increased Dollar Demand

The Kenyan shilling weakened on Wednesday, July 10, against the United States dollar despite initial prediction by financial experts that the local currency would stabilise further.

The weakening of the Kenyan currency was mainly attributed to the recent downgrade by Moody’s, a global credit rating agency.

On Monday, July 8, Moody’s pushed Kenya’s sovereign rating deeper into junk territory, citing the country’s inability to deal with its bulging debts. 

The negative rating followed days…