The relentless decline of the shilling

Leo nimeshtuka kuona it is exchanging at over 162. Just a couple of weeks ago it was 159. Jambazi aendelee na kazi mzuri.

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Kazi ya jambass ni kuonesha tu meno kila mahali badala ya kuwa serious.

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Tamu sana, let me check on my ndoras that i am hoarding.

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Juzi nimeamua kuchange dollars kadhaa to shillings nikabaki na mshangao…it was 159!

This is a technical default of the Eurobond. I covered this in a thread early last year. You see traders expect a default. They don’t wait for that date to adjust the dollar but start the process 1 year before, and it continues for another 6 months after public declaration. So that if on due date is 200/ dollar, we will adjust to about 300/dollar in 6 months.

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I told bonobos here that following the IMF’s “let the currency float” ideas would lead Kenya into ruin. If in six months the shilling depreciates by another 10% repayment becomes even harder.

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If you tell proff Ndung’u of the treasury this,he will give you a long lecture on economics.useless leaders we have

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nili wa warn…by march itakuwa 200… from there ni doom falling kama zimbabwe

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