{"id":67221,"date":"2024-07-18T12:03:02","date_gmt":"2024-07-18T12:03:02","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/07\/18\/shilling-slips-against-major-currencies-in-the-wake-of-gen-z-led-protests\/"},"modified":"2024-07-18T12:03:02","modified_gmt":"2024-07-18T12:03:02","slug":"shilling-slips-against-major-currencies-in-the-wake-of-gen-z-led-protests","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/shilling-slips-against-major-currencies-in-the-wake-of-gen-z-led-protests\/","title":{"rendered":"Shilling slips against major currencies in the wake of Gen Z-led protests"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, Jul 18<\/strong> <strong>\u2013 The Kenyan shilling has slipped against various major currencies, a development attributed to the ongoing youth-led demonstrations and the country\u2019s downgraded rating by global rating agency Moody\u2019s.<\/strong><\/p>\n<p>Treasury, in a commentary with with Capital FM disclosed that the local unit has continued to face a downturn, with forex figures showing a scaled-up exchange rate of the local unit against regional currencies.<\/p>\n<p>\u201cThe local unit continued to lose ground against the greenback closing the session lower to its opening levels yesterday,\u201d said Treasury.<\/p>\n<p>As of Thursday, different forex bureaus quoted the local unit at Sh131 against Sh131.75 compared with Monday\u2019s closing rate of Sh128.75, Sell Sh129.75.<\/p>\n<p>The pound and euro, on the other hand, traded at 170.3\/171.3 and 143.2\/144.1 compared to Monday\u2019s closings at 167.30\/168.70 and 140.50\/141.65.<\/p>\n<p>On July 9, Moody\u2019s cut Kenya\u2019s sovereign credit ratings, citing \u201cdiminished capacity to maintain revenue-based fiscal consolidation that would improve debt affordability and place debt on a downward trend.\u201d Moody\u2019s said the downgrade places Kenya\u2019s foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings to Caa1 from B3, with the country\u2019s outlook remaining negative.<\/p>\n<p>\u201cIn particular, the government\u2019s decision not to pursue planned tax increases and instead rely on expenditure cuts to reduce fiscal deficit represents a significant policy shift with material implications in Kenya\u2019s fiscal trajectory and financing needs,\u201d it said in a statement.<\/p>\n<p>This followed President William Ruto\u2019s withdrawal of the 2024 finance bill in the wake of the Gen Z-led protests.<\/p>\n<p>The government had sought to raise an additional 346.7 billion Kenyan shillings (about 2.7 billion U.S. dollars) to fund its 31-billion-dollar budget for the financial year 2024\/2025.<\/p>\n<p>Earlier, the Treasury had admitted that the negative ratings by the global credit rating agency hurt Kenya\u2019s chances of attracting cheaper loans from the international market.<\/p>","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Jul 18 \u2013 The Kenyan shilling has slipped against various major currencies, a development attributed to the ongoing youth-led demonstrations and the country\u2019s downgraded rating by global rating agency Moody\u2019s. Treasury, in a commentary with with Capital FM disclosed that the local unit has continued to face a downturn, with forex figures showing [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-67221","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/67221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=67221"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/67221\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=67221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=67221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=67221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}