Commercial banks have released the average exchange
rates for major currencies against the Kenyan Shilling (Sh) on the closing
market.
In an exchange rates notice dated November 22, 2024, the Kenyan Shilling has stabalised against the dollar at an exchange rate of Sh129.55.
According to the exchange rate report, the Kenyan Shilling is selling at Sh163.13 against the Sterling Pound and Sh135.73 against the Euro.
In the East African region, the Kenyan Shilling is being exchanged at Sh28.59 to the Ugandan Shilling and Sh20.53 to the Tanzania Shilling while in the rest of Africa, it is being exchanged at Sh10.5 to Rwandan franc, Sh22.8 to Burundian Franc and Sh7.17 to the South African Rand.
The Kenyan Shilling is being exchanged at Sh92.87 to the Canadian dollar, Sh35.27 to the AE Dirham, Sh145.37 to the Swiss Franc, Sh11.79 to the Japanese Yen, Sh11.79, Sh11.74 and Sh18.20 to the Sweedish, Norwegian and Danish Kroner respectively.
Sh1.53 for the Indian Rupee, Sh16.64, Sh96.26 and Sh84.45 for Hong Kong, Singapore and Australian dollar respectively, Sh17.88 for the Chinese Yuan and Sh34.50 for the Saudi Riyal.
President Ruto who defended his economic and debt performance during the State of the Nation address on November 21, 2024, stated that the Shilling has stabilised.
He attributed Kenya’s macroeconomic gains to key economic indicators that pointed to a positive turnaround.
“The shilling has stabilised significantly, appreciating from Sh162 to the dollar in February 2024. This recovery has restored confidence in our financial markets and significantly reduced the cost of servicing external debt, creating fiscal space for our development imperatives,” Ruto said.
Ruto also noted a dramatic decline in inflation from 9.6 per cent in September 2022 to 2.7 per cent in October 2024, the lowest rate in 17 years.
He attributed this success to favourable weather and government initiatives such as subsidised inputs for farmers.
“Our foreign exchange reserves have surged by $2.4 billion to hit a new record of $9.5 billion(KSh 1.23t), providing 4.8 months of import cover, the highest in 10 years,” he said.
The president highlighted a steady GDP growth rate of 5.6 per cent in 2023 and projected similar growth for 2024 and 2025.
