Nairobi, Feb. 23 -- Car& General has cut its dollar-denominated borrowings following improved supply of the currency, citing the need to reduce exposure to foreign exchange losses.

The firm, whose dollar loans had risen by 21.5 per cent to an equivalent of Sh4.72 billion as of September 2022, says it accumulated the amount on the back of difficulties in accessing hard currency.

The rise, however, exposed the company to higher forex exchange losses as the shilling shed more than a quarter of its value against the American dollar last year.

Car & General Chief Executive, Vijay Gidoomal, says the firm - whose key business lines include distributing motorcycles and three-wheelers that require dollars for imports - started cutting down on t...