Kenyan Economy Update

Earlier this week, I asked for prayer for the Kenyan economy, and I wanted to provide a quick update to show the impact of severe inflation on the Kenyan economy.  I pulled the image below from the following article:  http://www.nation.co.ke/business/news/Weak+shilling+wreaks+havoc+on+consumers+/-/1006/1251240/-/fylqd1z/-/index.html

Note:  Sh100 = $1 USD

As you can see, inflation has hit multiple sectors within Kenyan society.  To begin to try to drive down inflation, the Central Bank of Kenya (CBK) chose to raise the Central Bank Rate (CBR) from 7% to 11%.  Can you imagine that in the US?  Can you imagine the rate for a 30-year mortgage going from 6% to 10%? Please continue in prayer for the Kenyan economy!  The Kenyan Shilling has lost 26% of its value against the US dollar over the past year . . . .  here's a link to a video that further explains some of the impact:

http://www.youtube.com/watch?v=cskRTkgBhe4