How the shortage of dollars is hitting Kenya hard – Jeune Afrique

Just four months. As of March 23, there were barely four months of foreign exchange reserves left in Kenya to cover its imports – or $6.55 trillion once morest 6.939 billion last month, a further decline seen by Central Bank data. Four months of imports is the critical level.

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Inflation: African countries with the highest cost of living

Kenya is obviously not the only net importer in Africa to suffer from a shortage of foreign exchange caused by the pandemic and the war in Ukraine, coupled with a spike in prices. of the basic products. “Nearly 70% of African economies face serious currency problems. Some countries have stopped allocating hard currency for the import of commodities, such as tea in Kenya,” says Moses Kuria, Kenyan Commerce Cabinet Secretary. “It is a very regrettable situation. »

Open secret

At the beginning of the month of mars,