The Kenyan economy faced a grim day on Monday as the national currency, the Kenyan Shilling (KES), plunged to an unprecedented all-time low, hitting 150 to the US dollar.

The decline in the shilling’s value has sparked concern among financial experts and citizens alike, raising questions about the nation’s economic stability.

The Kenyan Shilling’s fall to 150 to the dollar represents a sharp depreciation in its value compared to previous exchange rates. It has left many Kenyan households and businesses grappling with the potential repercussions of this significant devaluation.

This alarming development has been attributed to various factors, including external economic pressures and internal challenges. Global economic uncertainties, fluctuations in global oil prices, and the COVID-19 pandemic have contributed to the weakening of the Kenyan Shilling. Additionally, concerns about political stability and investor confidence in Kenya have further intensified the situation.

In response to the crisis, the Central Bank of Kenya has announced measures to stabilize the exchange rate, but their effectiveness remains to be seen. These measures include intervention in the foreign exchange market and the use of foreign currency reserves to support the shilling.

Public sentiment regarding the currency’s depreciation has been mixed, with many Kenyans expressing their concerns on social media platforms. Among the netizens’ comments on the issue, one stood out, saying, “utapata Shetani ni Ruto.” This comment seems to reflect the frustration and anxiety experienced by the people during this challenging period.

Analysts and policymakers are closely monitoring the situation and working towards finding long-term solutions to address the root causes of the Kenyan Shilling’s depreciation. Restoring confidence in the economy, attracting foreign investment, and addressing underlying issues that affect the exchange rate are essential steps that need to be taken to help the currency regain its stability.

The Kenyan government faces a difficult task ahead, as it seeks to restore the strength and credibility of its national currency in the face of mounting economic challenges.