Kenya’s currency decline hurting subscription payments

Kenya is facing an additional financial burden of Sh1.9 billion in its contributions to the African Union (AU) and various global institutions due to the depreciation of its currency.

During a session with the National Assembly’s Committee on Finance and National Planning, it was disclosed that the nation’s contributions to international bodies are projected to increase by Sh1.886 billion because of the weakening of the shilling against major foreign currencies. 

This adjustment was included in the first Supplementary Estimates submitted to the legislature a fortnight ago. These funds are managed by the Treasury and are intended for Kenya’s membership dues to numerous international organizations, which are processed through the respective government departments. 

The centralization of these international payments is managed by the National Treasury, which receives the corresponding invoices from the ministries for their membership dues. 

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Hold my beer: UK pub group implements Uber’s dynamic pricing strategy

British pubs have been facing headwinds contributed by high inflation in recent…

Navigating Kenya’s E-Logistics Landscape: Lessons from Sendy’s Closure

Kamal Budhabatti, Craft Silicon’s Group CEO, highlights the prevalent trend in Kenya’s…

The cost of serviced apartments in Europe might fall

The latest market update from specialized booking agency SilverDoor suggests that serviced…

7 Ways to Ramp Up Your Email Marketing Efforts

Email marketing remains a powerful tool for businesses to connect with their…