Kenya's currency is about to notch its 29th consecutive month of declines

• Kenya's shilling is on pace for its 29th consecutive month of declines, per Bloomberg.
• In 2023, it's weakened about 18%, it's largest drop in 15 years.
• Oil prices and slowing foreign inflows could put more pressure on the currency by 2024.

Kenya's shilling is on pace for its 29th consecutive month of depreciation, according to Bloomberg data.

So far this year, the currency has weakened roughly 18%, and looks poised to notch its biggest annual decline since 2008.