Home ECONOMY Kenya Shilling Strengthens Ahead of Christmas

Kenya Shilling Strengthens Ahead of Christmas

by biasharadigest

When the forex market opened today, the Central Bank of Kenya(CBK) quoted the local unit exchanging at a mean rate of KSh 100.7118 to the US Dollar, while buying the greenback at KSh 100.6118 and selling at KSh100.8118.

On Wednesday, the Kenyan Shilling gained against the US
Dollar supported by inflows from diaspora remittances amid thin importer dollar
demand and tight liquidity in the local money market, traders said.

The local unit was quoted by commercial banks at KSh 101.25
to the US Dollar compared to KSh 101.40 on Tuesday this week

Financial experts have attributed the strengthening Shilling to huge spending by diaspora visitors, coming in for the holiday season.

Last week, the Kenya Shilling remained stable against major international and regional currencies during the period ending  December  11. It exchanged at KSh 101.50 per US Dollar on December 11, compared to KSh 101.96 on December 5.

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