The Kenyan shilling has appreciated by 17% year-to-date against the US dollar, as the Central Bank of Kenya (CBK) reduced its benchmark interest rate for the second time in a row, following a significant decline in inflation.
Amid decreasing inflation and a stable macroeconomic environment, the Kenyan shilling has appreciated by 17%, recovering from 160 KES per dollar in January.
Market TrendsThe Kenyan shilling has demonstrated robust appreciation throughout 2024, a sharp turnaround after months of consecutive depreciation in 2023, during which it lost 29% of its value against the dollar.
Amid ongoing reports of easing inflation, the shilling continued to strengthen, stabilizing below 129 KES by October.
More recently, CBK reduced the key rate again, down to 12% from 12.75%, aiming to boost private sector lending and facilitate easier borrowing.
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