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Tuesday, 13 September 2016

Brexit vote already having an effect on remittances to Kenya, report says

Britain’s tumbling currency has cost developing countries including Kenya millions of dollars because remittances are now worth less, while post-Brexit trade has already suffered to the tune of over Sh50 billion ($500 million). This is according to UK-based think tank Overseas Development Institute (ODI) which is also predicting huge problems in the future due to Britain’s decision to leave the European Union (EU). It is feared that trade deals with African countries in particular may suffer because the UK is either unable or unwilling to deal with the complexity of making new arrangements. In a series of essays published by the ODI, the authors agree that emerging markets in Africa, the Caribbean and the Pacific are particularly at risk, to the tune of Sh23 billion (£172 million) annually, if their existing trade agreements with the UK market are not maintained once Britain leaves the EU. This is because most developing countries currently benefit from preferential access to the British market through the EU’s trade policy.

Source: businessdailyafrica.com