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%.