Business Daily | by Otiato Guguyu
The Kenya shilling dropped to a record low of 108.85 units against the dollar on Monday, market data showed, on demand for the greenback by importers.
This was despite a fall in the Central Bank of Kenya (CBK) dollar reserves to a five-month low of $8.223 billion (Sh888 billion) or 4.99 months import cover—a sign that the regulator may have acted to support the local currency.
The CBK’s dollar reserve stood at $9.717 billion (Sh1.047 trillion) as at July 2, which covered 5.84 months’ worth of imports…
