The head of Kenya’s largest bank, Equity Group Holdings Plc, noted that the Kenyan shilling’s (KES) depreciation against the USD, which has been about 20% this year, has peaked. In November, the rate at which the KES lost value against the dollar slowed and is projected to trade at 155-160 per USD by year-end. Despite this, 2023 is set to be the worst year for the shilling since 2008.