Posted on: January 11, 2025 Posted by: Kevin Tev Comments: 0

The Kenyan shilling appreciated against East African currencies in the third quarter of 2024. The Kenyan shilling is trading at 25.58 against the Ugandan shilling. Photos: Richard Darko/Johan10. Source: Getty Images According to the quarterly Gross Domestic Product (GDP) report by the Kenya National Bureau of Statistics, the shilling also strengthened against the US dollar, Euro and Sterling Pound. “During the third quarter of 2024, the Kenyan shilling appreciated against all major currencies compared to the corresponding quarter of 2023. On average, the Kenyan shilling gained ground against the US Dollar, Euro and Pound Sterling by 10.1%, 9.3% and 7.7%, respectively.

Similarly, the Kenya shilling appreciated against the Tanzania shilling and Uganda shilling by 21.2% and 11.7%, respectively,” KNBS stated. What’s the value of the Kenya shilling? Data from the Central Bank of Kenya (CBK) showed the shilling exchanged at KSh 129.48 per US dollar on Friday, January 10, compared to KSh 129.31 reported in the first week. At the same time, the Kenyan currency traded at 25.58 against the Ugandan shilling, 19.38 against the Tanzanian shilling, 10.65 against the Rwandese franc and 6.83 against the South African rand. The shilling exchanged at 159.14 per Sterling Pound and 133.26 against the Euro. The CBK report also indicated a decline in foreign exchange reserves to $9,178 million (KSh 1.187 trillion) or 4.7 months of import cover, compared to $9,198 million (KSh 1.19 trillion) the previous week.

 

by Japhet Ruto

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