Kenyan Shilling Strengthens Against the Dollar, Hits Ksh 108

The Kenyan currency is expected to remain under pressure in 2021 as largely driven by external factors says Cytonn Investments, an independent investments management firm.

Kenyan shilling strengthened against the US dollar closing at  KSh 108.79 per US Dollar on December 24, compared to KSh 111.59 on December 17.

The Central Bank of Kenya (CBK) in its weekly bulletin said this was attributed to inflows in various sectors of the economy.

The Kenyan currency has remained relatively stable supported by the improving diaspora remittance of which the cumulative inflows in the 12 months to November totalled USD 3,045 million compared to USD 2,790 million in the 12 months to November 2019.

High levels of forex reserves, currently at USD 7,788 million (4.78 months of import cover) as at December 24.