A banker counting Kenyan currency at one of the local banks. The tides in the financial sector are likely to change. [Photo|Buzz Kenya]
The Kenyan shilling is likely to face a dip between today and shortly after next week.
This is as a result of the British government issuing a travel advisory to its citizens to reschedule their plans to travel to the country during the president Uhuru’s inauguration.
The United Kingdom government has asked its citizens to reconsider travelling to Kenya next week following next week’s planned President Uhuru Kenyatta’s swearing-in for fears of possible clashes. The travel advisory issued by Foreign and Commonwealth Office (FCO) on Thursday is deemed to plunge the country into a temporary economic downturn.
In most cases, the British government and the United States systems of operation on the African soil tend to be perfectly in sync with each other. Consequently, The United States might follow the suit albeit until now there are no official reports from the US embassy in Kenya indicated a travel advisory for its citizens in regards to travelling to Kenya.
President Uhuru Kenyatta’s inauguration is expected to take place on Tuesday next week where 20 heads of state have confirmed their attendance. This comes at a time when The Foreign and Commonwealth Office (FCO) fears for a possible eruption of clashes around the country.
"The ceremony is scheduled to begin at 9 am and there may be significant disruption to nearby roads.
Political tensions are high and demonstrations and clashes are possible...You should exercise caution and, where possible, avoid travelling around areas where demonstrations may take place," the update from the British Foreign Office said.