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| Kamau Thugge is the governor of the Central Bank of Kenya |
The Central Bank of Kenya (CBK) reported that the Kenya shilling remained stable against regional and major international currencies. Kamau Thugge is the governor of the Central Bank of Kenya. CBK reported that the shilling remained stable against major currencies. In the week ending August 8, the shilling traded at KSh 129.41 against the US dollar and exchanged for KSh 165.55 per sterling pound. “The Kenya Shilling remained relatively stable against major international and regional currencies during the week ending August 8. It exchanged at KSh 129.41 per US dollar on August 8, compared to KSh 129.15 per US dollar on August 1,” CBK reported. A Kenyan shilling was exchanged for 28.70 Uganda shillings, 20.78 Tanzania shillings and 10.16 Rwandese Francs over the same week. During the same week, the CBK also announced that the Monetary Policy Committee (MPC) met on August 6, 2024, and decided to lower the Central Bank Rate (CBR) to 12.75%. “The MPC noted that its previous measures have lowered overall inflation to below the mid-point of the target range, stabilized the exchange rate, and anchored inflationary expectations” CBK explained. Foreign exchange reserves CBK also reported that Kenya held sufficient usable foreign exchange reserves to cover 3.8 months of imports “The usable foreign exchange reserves remained adequate at USD 7,340 million [about KSh 946.86 billion] (3.80 months of import cover) as of August 8. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover,” CBK said. Notably, the CBK increased its reserves by USD 66 million (about KSh 8.51 billion) from USD 7.274 billion (KSh 938.34 billion), as reported in the week ending August 1.
by Elijah Ntongai
