- The Kenyan shilling was changed to KSh 129.23 for every US dollar on Thursday, May 22, compared to KSh 129.25 for every US dollar on Thursday, May 15
- Shilling power was enhanced by an increase in foreign exchange reserves, which increased from KSh 1.31 trillion May 15 to KSh 1.33 trillion on May 22
- Contrary to the Tanzanian Shilling (TSH), local currency improved from Tsh 20.78 May 16 to Tsh 20.86 May 22
The Kenyan Shilling has remained calm against the US dollar (US) and the East African Community (EAC) currency.
Source: Getty Images
How the Kenyan shilling is changed against the US dollar
In a weekly statement focusing on recent financial and financial development, the Kenyan Central Bank (CBK) revealed that the shilling was changed to KSh 129.23 for every US dollar on Thursday, May 22, compared to KSh 129.25 per US dollar on Thursday, May 15.
The shilling power was enhanced by an increase in foreign exchange reserves, which increased from $ 10,164 million (KSh 1.31 trillion) May 15 to $ 10,308 million (KSh 1.33 trillion) on May 22.
“The Kenyan Shilling remained consistent against the major international and regional currencies in the week ended on May 22. Imports, ” CBK said.
How the Kenyan shilling is changed against EAC coins
During the highlighted week, the Kenyan shilling showed relatively stability and small differences against other East African currencies.
Opposite the shilling of Tanzania (Tsh), local funds increased slightly, and improved from Tsh 20.78 May 16 to Tsh 20.86 May 22.
On the contrary, the Kenyan shilling was left firm against the shilling of Ugandamaintaining a stable rate of 28.30 throughout the week, without showing significant changes.
Contrary to the Rwandan franc (RWF), the Kenyan shilling maintained an average of 10.95.
Also, the Kenyan Shilling witnessed a strong rate against the Burundi Farmer (BIF), from 23.02 BIF from May 16 to 23.03 BIF on May 22.
Source: Getty Images
How were the financial markets and government securities?
The week ending May 22 saw the money market staying liquid.
The additional savings for commercial banks reached KSh 21.2 billion, based on the demand for a cash savings of 3.25% (CRR).
The average amount of bank between the bank rose slightly from 9.86% to 9.87%, while the average value exchange decreased to KSh 3.6 billion from KSh 9.4 billion in the previous week.
Why has the Kenyan shilling remain 129 long
The Kenyan Shilling should continue to be changed at an average of 130 per US dollar, according to the Minister of Treasury (CS) John Mbadi.
Mbadi explained that although the highest shilling reduces the cost of imports, it can discourage exports, which will reduce the profit for domestic retailers.
The decline in exports can affect foreign exchange reserves and increase the national economic risk, the minister suggested.
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