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Friday February 7, 2020 - Kenyan economic experts have petitioned the Central Bank of Kenya (CBK) to devalue the shilling to boost the country’s exports, especially in the manufacturing industry.

This comes after it emerged that Kenya’s exports have been dwindling in the past few years mainly due to the strong currency.

They argue that a weaker shilling will boost export trade.

Speaking on Thursday during the NCBA 2020 Economic Forum in Nairobi yesterday, Kwame Owino, Institute of Economic Analysis (IEA) Chief Executive Officer, said that a number of countries in Africa, where Kenyan exports used to dominate, have now reversed the trend.
“Studies by IEA show that while many currencies have depreciated against the dollar, the shilling has on the other hand, appreciated by 0.9 per cent,” he added.

Owino said for Kenyan goods to compete effectively in the export market, the products need to cost cheaply so that companies can export more.

Cosmos Ltd Executive Director, Vimal Patel, supported the devaluation of the shilling, saying it could help reduce the trade imbalance between countries and Kenya.

He said a lot of drugs being imported from Pakistan and India, are available in the local market but cost more due to many things among them the stronger shilling.


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