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On 14 September 1966, the Kenyan shilling replaced the East African shilling at par, although the latter was not demonetised until 1969. The Central Bank of Kenya issued notes in denominations of 5/=, 10/=, 20/=, 50/= and 100/=. All of the notes feature a portrait of Kenya's first prime minister and president, Jomo Kenyatta, on the front and ...
In October 2023, while responding to questions from a parliamentary committee on finance and national planning, Dr. Thugge said the decline in international reserves was caused by an overvaluation of the shilling against the dollar [5] This was against the backdrop of a gradual reduction in import cover from 5.5 months to 3.7 months.
According to Assange, "1,300 people were eventually killed, and 350,000 were displaced. That was a result of our leak. On the other hand, the Kenyan people had a right to that information and 40,000 children a year die of malaria in Kenya. And many more die of money being pulled out of Kenya, and as a result of the Kenyan shilling being debased".
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
President Joe Biden plans to welcome Kenyan President William Ruto to the White House in May, hosting a state visit after reneging on his promise to visit Africa last year. White House press ...
Amidst protests, the Kenyan government scrapped parts of the bill on 18 June 2024. According to Kuria Kimani, chairman of Kenya’s Finance and National Planning Committee, the proposed tax increases that were scrapped included a 16% value-added tax (VAT) on bread, as well as taxes on motor vehicles, vegetable oil, and mobile money transfers. [26]
The longest-running scandal is the Goldenberg scandal, [19] where the Kenyan government subsidized exports of gold, paying exporters in Kenyan shillings (KSh.) 35% over their foreign currency earnings. In this case, the gold was smuggled from Congo. The Goldenberg scandal cost Kenya the equivalent of more than 10% of the country's annual GDP.
A solar bag costs between 12,000 and 22,500 Tanzanian shillings (approximately $4-8), with the reading light included – the same price as 12-22.5 days of using a kerosene lamp, according to an ...