The Kenyan Shilling has reached a record low of 136.02 per dollar, causing economic concerns

The Kenyan shilling has hit a new low of 136.02 per dollar, placing the country at risk of rising import expenses and difficulty servicing its obligations.Despite the introduction of the forex code by the top bank and a government agreement to import oil on credit from the Gulf States, the local currency fell from an average of Ksh135.9 on Monday evening to the new rate on Tuesday, according to data from the Central Bank of Kenya (CBK).The shilling lost 9% of its value in the year leading up to December of last year, raising living costs and affecting customers who were already dealing with rising food and gasoline prices.However, since they are typically paid in dollars, exporters of agricultural goods like tea, coffee, and horticulture stand to gain from the weakening of the Kenyan shilling as they will end up making more money. Kenyans who receive money from distant relatives also account for currency gains on the US dollar they convert for Kenyan shillings before using it locally.