Nairobi — The Kenyan Shilling appreciated against all major global currencies in the third quarter of 2024 compared to the same period in 2023, according to the Quarterly GDP Report by the Kenya National Bureau of Statistics (KNBS).

On average, the Shilling strengthened by 10.1 percent against the US Dollar, 9.3 percent against the Euro, and 7.7 percent against the British Pound.

"During the third quarter of 2024, the Kenyan Shilling appreciated against all major currencies compared to the corresponding quarter of 2023," KNBS reported.

Regional Performance

Regionally, the Kenyan Shilling also gained significantly, appreciating by 21.2 percent against the Tanzanian Shilling and 11.7 percent against the Ugandan Shilling.

However, the Shilling weakened against the Japanese Yen and the South African Rand, depreciating by 12.7 percent and 6.7 percent, respectively.

Currency Stability

The stabilization of the Kenyan Shilling has been attributed to measures taken by the Central Bank of Kenya (CBK), including the buyback of the Eurobond and increased inflow of US dollars from global lenders.

CBK Governor Kamau Thugge credited the stability to a higher Central Bank Rate (CBR), which was raised from 12.5 percent to 13 percent to curb inflation and stabilize the currency.

"The Kenyan Shilling has been stable for the last few days, and as CBK, we expect this stability to continue because of our proactive measures," said Thugge.

The improved performance of the local currency is expected to bolster investor confidence and support economic recovery efforts.