NAIROBI, April 12 (Xinhua) — The Kenyan shilling declined 0.35 percent this week to close at 129.71, as uncertainty is growing over the impact of U.S. tariff hikes, the Central Bank of Kenya reported on Friday.
The currency started the week at 129.26 and declined gradually during the five days, with the tariff conflict between the United States and other nations continuing.
The United States slapped Kenya with a 10-percent tariff, and the East African nation warned of the tax raises costs for Kenyan businesses.
Central Bank of Kenya Governor Kamau Thugge said Wednesday that the 10 percent tariff will cut the country’s exports to the United States by 100 million U.S. dollars, thus lowering foreign exchange.
Analysts have noted that the trade war by the United States has created unpredictability across global markets.
The Kenya shilling has also depreciated against the British Pound and the Euro to stand at 168.1 and 146.6, respectively on Friday.
