Source: Tuko
- Central Bank of Kenya (CBK) disclosures indicated a further appreciation of the Kenya shilling against the US dollar, with stability observed against major international and regional currencies
- Kenya shilling traded at KSh 131.80 per US dollar as of March 28, marking a favorable exchange rate compared to KSh 133.07 per US dollar on March 21
- Kenya shilling hit a 12-month high against the Uganda shilling and Tanzania shilling, trading at UGX 29.453 on March 29 and TZS 19.472 on March 28
The Kenya shilling has had another good week against the US dollar, sustaining the appreciation trajectory for the sixth week.
After the Eurobond loan, scheduled for repayment in June this year, was repurchased, the Kenyan shilling began a trend of appreciation against the US dollar.
According to the weekly disclosures by the Central Bank of Kenya (CBK), the Kenya shilling further appreciated in value against the US dollar in the week ending March 28 compared to the week that ended on March 21.
“The Kenya Shilling remained stable against major international and regional currencies during the week ending March 28. It exchanged at KSh 131.80 per US dollar on March 28, compared to KSh 133.07 per US dollar on March 21,” said CBK in the latest bulletin.
How much is the value of Kenya shilling compared to Uganda Shilling?
As highlighted by the CBK, the Kenya shilling has gained significantly against the regional currencies.
On Friday, March 29, the Kenya shilling recorded its highest value against the Uganda shilling (UGX) in over 12 months, trading at UGX 29.453, while the lowest value was recorded at UGX 23.331 per Kenyan shilling on January 25, 2024.
The chart below shows the historical data on the value of the KSh compared to the UGX over a period of 12 months as collected by Exchange-rates.org.
How much is the value of the Kenya shilling compared to the Tanzania Shilling?
On March 28, 2024, the Kenya shilling’s rate peaked at 19.472 Tanzanian Shillings (TZS), while its lowest point over the past 12 months was recorded at TZS 15.382 per Kenyan Shilling on January 25, 2024.
The chart below shows the historical data on the value of the KSh compared to the TZS over 12 months as collected by Exchange-rates.org.
NCBA boss projects Kenya shilling will return to its true value
In other related news, NCBA Managing Director and CEO John Gachora argued that the shilling will record a fresh fall, but not to the previous low of KSh 160 per US dollar.
According to Gachora, the true value of the Kenya shilling lies between the current exchange rate and the historic low of KSh 160.
The Kenya shilling emerged as a top-performing currency globally, surpassing many counterparts, including the British Pound, according to a recent Bloomberg report.
THE AUTHOR: Elijah Ntongai
