The Kenyan Shilling has clinched the title of the best currency in Africa, heralded by a remarkable 15-month growth streak, as reported by Business Insider. Reaching historic highs not witnessed in over a year, the Shilling’s current position at Ksh128 against the US Dollar signifies its robust performance.
Recent reports highlight the Shilling’s resurgence, with a 15-month high recorded against the US Dollar, reminiscent of its strength in March 2023 when it stood at Ksh161/$. Business Insider highlighted the Shilling’s stellar performance, emphasizing its resilience and positive trajectory.
This accolade aligns with a previous recognition by the World Bank earlier this year, solidifying the Shilling’s status as a standout currency in the region.
The Shilling’s upward momentum traces back to February 2024, following the successful oversubscription of a $2 billion Eurobond, which reinvigorated investor confidence. Increased foreign exchange inflows from tea and coffee exports, coupled with a surge in diaspora remittances, have bolstered the Shilling’s growth trajectory.
Central Bank Governor Kamau Thugge expressed confidence in the Shilling’s stability, foreseeing a period of steadiness in exchange rates. “We don’t see significant weakening or significant strengthening; there should now be stability in the exchange rates,” remarked Governor Thugge during a recent Monetary Policy Committee meeting.
