The Kenya Shilling on Tuesday recovered to 139 against the dollar, marking the first time the Central Bank of Kenya (CBK) had officially quoted the shilling at 139 since June 2023.
The CBK quoted the shilling at 139.4919 against the US dollar. This now means that since the start of year 2024, the Kenya Shilling has gained by a massive 12.2 per cent.
At the same time, the shilling recorded gains against other currencies, with the CBK quoting it at 178.85 against the Sterling Pound and 152.32 against the Euro.
Kenyan family friend who hosted me in USA threw me out in middle of winter
Against the Canadian dollar, the shilling was officially quoted as trading at 103.29.
Among forex bureaus, the shilling also recorded gains, with the Satellite Forex Bureau quoting it at 137 buying and 139.5 selling. The Pacific Forex Bureau quoted it at 136 buying and 140 selling.
The recovery of the shilling has eased pressure on Kenya’s external debt. For instance, the external debt as at the end of January stood at Sh. 6.1 trillion in local currency.
Now, the same debt stands at Sh.5.3 trillion. This implies that the shilling’s recovery has saved the country an estimated Sh. 818.2 billion.
