THE ECONOMY GAINS MOMENTUM FROM THE SHILLING'S SURGE.
The latest CBK Bulletin for the week ending April 11 indicates that the currency had a steady climb last week. In terms of the British pound, the euro, and the dollar, it increased by 0.08 percent, 0.21 percent, and 0.73 percent, respectively.
Over the last two months, there has been a steady increase in the value of the Kenyan shilling, putting it in danger of trading at less than Sh130 per US dollar.
The latest CBK Bulletin for the week ending April 11 indicates that the currency had a steady climb last week. In terms of the British pound, the euro, and the dollar, it increased by 0.08 percent, 0.21 percent, and 0.73 percent, respectively.
The British Pound declined from Sh165.42 to Sh165.08, the Euro fell from Sh141.67 to Sh141.55, and the dollar fell from Sh131.41 to Sh130.45 due to the strengthening shilling, according to the Central Bank of Kenya (CBK).
News of Kenya's $1.5 billion Eurobond and the oversubscribed Sh75 billion infrastructure bond sent the market's robust performance into a tailspin. Following the news, the Central Bank released an average exchange rate of Sh145.86 versus the US dollar when the markets opened.
Adaptable exchange rate
The shilling strengthened against the dollar yesterday, trading at Sh130.7, demonstrating its strength in the global currency market and placing it among the most improved currencies in Africa. The National Treasury and the CBK are faced with the difficult task of managing inflation while preserving a competitive exchange rate during such periods, and the value of the Kenyan shilling poses a challenge to them.
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