The Kenyan shilling has surged against major currencies, with the US dollar trading at Sh131.80 on Wednesday, March 27, 2024. Commercial banks have reported significant gains, quoting the shilling at Sh166.54 against the Sterling Pound and Sh142.67 against the Euro.
“This surge in the shilling’s value reflects a positive trend in our economy,” stated an official from the Central Bank of Kenya. “We are pleased to see the shilling strengthening after a period of volatility.”
The currency’s recovery to Sh139 in March marks a milestone, following a low point of 160 against the dollar earlier this year. Government officials are urging increased investment in foreign exchange earners like the tourism sector to capitalize on this favorable exchange rate.
“This presents a prime opportunity for Kenyans to benefit from the current market conditions,” emphasized National Treasury Principal Secretary Chris Kiptoo. “We encourage strategic investments to leverage the shilling’s strength.”
The stronger shilling has implications for both exporters and importers, with importers expected to benefit from reduced costs. The improved exchange rate may lead to lower manufacturing costs and ultimately result in more affordable goods for consumers.
