Kenya shilling set for longest losing streak ever on virus hit

Kenya’s shilling is on track for its longest losing streak on record, capping five months of declines, as the coronavirus pandemic curtails earnings from tourism and cut-flower exports.

The hospitality industry, Kenya’s biggest foreign-currency earner after remittances and farm produce, is forecast to contract 39% this year, according to the Central Bank of Kenya. Production of cut flowers dropped 19% in the first nine months of the year, while coffee output slumped 31%. Kenya is the biggest supplier of flowers to Europe.

The shilling declined for a 13th straight day on Monday, the longest run since at least 1988, when Bloomberg started compiling the data. It has weakened every month since June, taking losses this year to 9%.

Click here to read the complete article at bloomberg.com


 
 


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