Kenya Shilling Gains Ground Ahead of Festive Season

24 December 2024
Capital FM (Nairobi)
By Kevin Rotich

NAIROBI — The Kenya shilling has gained ground against the U.S. dollar to trade at 129.29 ahead of the Christmas holiday season, the Central Bank of Kenya (CBK) said Monday.

The local currency dropped to 130 units against the U.S. dollar in early December as it faced pressure from international currencies.

The current gain is attributed to decreased demand in dollars and a rise in forex reserves ahead of festivities, said the central bank.

On a year-to-date basis, the shilling has appreciated 17.6 percent against the dollar, a contrast to the 26.8 percent depreciation recorded in 2023.

The shilling is, however, expected to remain under pressure in 2025.

Against the British pound, CBK put the shilling at 162.33 and the euro at 134.5 units Monday.

Read the original article on Capital FM.

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