 |
| Kamau Thugge the CBK governor |
Kenya shilling ended the week strongly after several days of depreciation against the United States dollar. Kamau Thugge is the CBK governor, the body responsible for regulating the value of the Kenya shilling. In April, the Kenya shilling weakened significantly after recording significant gains from trading above KSh 160 at the beginning of February 2024 to below KSh 130 in early April 2024. Since mid-April 2024, the Kenya shilling has been on a weakening trajectory against the US dollar, which changed in early April, particularly in the forex markets. What are the Kenya shilling exchange rates against US dollar? According to the recent disclosures from the Central Bank of Kenya (CBK): “The Kenya shilling remained stable against major international and regional currencies during the week ending May 2. It exchanged at KSh 133.20 per US dollar on May 2, compared to KSh 133.16 per US dollar on April 25. What is value of Kenya shilling in the forex market? The base indicative rate by CBK is different from the forex market rates, which showed substantial value fluctuations in late April. Earlier, TUKO.co.ke reported that the dollar’s buying price ranged between KSh 133 and KSh 135, with the selling price ranging between KSh 135 to KSh 139 in the week between April 14 and April 20. The table below shows the indicative rates for the Kenya shilling against the US dollar. The Kenya shilling depreciated until April 26 and has been appreciating slightly since then. Table showing the CBK indicative rates against US dollar from April 2 to May 3 2024. Source: Central Bank of Kenya. Source: UGC The forex markets seem to have slowed down in early May, with the prices in the forex market closer to the CBK indicative rates. Satellite Forex Bureau reported that the Kenya shilling traded was buying at KSh 133.5 and selling at KSh 135 similar to the prices reported by Pacific Forex Bureau. As of Friday, April 3, 2024, the CBK recorded KSh 166.3622 against the sterling pound and KSh 142.3071 against the Euro. Kenyans earning in US dollars affected The strengthening of the Kenya shilling against the US dollar since February 2024 has had a significant impact on the income of Kenyan individuals and businesses earning through US dollars. Kenyans working online and receiving salaries in dollars intimated to TUKO.co.ke that they were struggling to pay bills amid a weak dollar. William Ngarachu, a freelance online data analyst, said his purchasing power had reduced following the decline in value of his earnings.
by Elijah Ntongai
