The strengthening Kenya shilling is showing signs of its recovery extending to 120s against the US dollar. On Friday March 15, the shilling extended its gains against the US dollar.
Officially, the Central Bank of Kenya quoted the shilling at 135.14 against the US dollar. The CBK further quoted the shilling at 172.34 against the Sterling Pound and 147.3 against the Euro. The shilling was quoted at 100.09 against the Canadian dollar and 89.04 against the Australian dollar.
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In the commercial markets, forex bureaus quoted the shilling at between 133 and 135 against the US dollar, with Satellite Forex Bureau quoting at 127 buying and 134 selling. Pacific Forex Bureau on the other hand quoted at 127 buying and 133 selling.
The Kenya shilling has recovered by upwards of 15 percent in the first quarter of 2024 after it dipped to an embarrassing low of 161 to the US dollar in January 2024. This means that commercially, the shilling has recovered by up to 28 units against the US dollar.
As the shilling continues to gain against the US dollar, its appreciation has led to the reduction in public debt by over Sh. 800 billion. At the same time, the debt to GDP ratio has declined by over 5 per cent.