The value of Kenya shilling hit its record low Thursday to trade 113.8 units against the dollar on Russia, Ukraine tension.
The shilling first hit 113 level in December last December when it depreciated 3.5 percent after a seven-month losing streak.
Kenya, East Africa’s largest economy saw its currency value plummet on the back of heightened tensions between Russia and Ukraine.
The country’s imports and exports to Ukraine have already been halted.
While addressing the media at the Ukrainian embassy in Nairobi, the Ukrainian ambassador Andrii Pravednyk said the situation has brought a big blow to the economies across the world.
He further stated that he is yet to hold talks with the Kenyan government officials to hold the economic and trade ties between the two countries to make sure there’s restoration to full extent which will also be backed by Kenya’s support for Ukraine in the united nations security council.
Oil prices surged Tuesday, February 22, 2022, on fears that rising tensions between Ukraine and Russia could disrupt supplies around the world.
Brent, the international benchmark for oil, is now trading at Ksh.11,372.01 a barrel, its highest level since 2014, as military tanks and carriers were seen on the outskirts of Donetsk, the capital of one of two independent regions of Eastern Ukraine.