However, recent data indicates that tourism has fully recovered in Nairobi but Mombasa and the lodges are still lagging. •  Kenyan exporters and importers use letters of credit issued by financial institutions abroad to facilitate trade between Kenya and the rest of the world. Since confidence is returning and global interbank lending has now resumed, this effect may be very minimal.
One of the cardinal causes of the crisis is now widely agreed to be deficiencies in risk assessment and pricing of complex products. These complex products were indeed at the heart of the crisis. Markets failed to price these products appropriately and deficiencies in the regulatory architecture precipitated excessive risk taking.