Kenya is experiencing a significant dollar shortage, driving investors away and causing the Nairobi All-Share Index to drop by 19% in early 2023. The FX crunch has made it challenging for companies to repatriate dividends and capital gains, contributing to the downturn. Rising food and energy costs have strained the economy, leading to a drop in FX reserves, the lowest in 11 years. Despite some reduction in USD backlogs, investors remain cautious, with some selling more quickly to withdraw funds when possible.