Kenyans should be paying close attention to what’s happening to the Ugandan shilling. It has fallen more than 14% against the dollar since June, forcing the Bank of Uganda into an emergency rate hike to 12%. Here’s why it matters to us: a) Uganda is among Kenya’s largest export markets. It bought KES 162.4bn of Kenyan goods in 2025, including medicines, cement, metal products, soap and palm oil. A weaker shilling makes all of that more expensive for Ugandan buyers. b) Our listed companies are exposed. KCB, Equity, Stanbic, I&M and DTB all have Ugandan subsidiaries, and EABL owns Uganda Breweries. Every Ugandan shilling they earn is now worth less when converted into Kenyan shillings. c) Regional pressure tends to spread. Uganda’s problems came from the same oil shock and strong dollar that Kenya faces. Our shilling has held around 129.8, When one of your biggest customer’s currency falls 14%, it eventually shows up in your exports, your companies’ earnings.