Why US Dollar has remained at 133 against Kenyan Shilling
Remittances and agricultural exports behind the US Dollar stagnation at 133 against the Kenyan Shilling
Remittances and agricultural exports behind the US Dollar stagnation at 133 against the Kenyan Shilling.
After several months of depreciation and appreciation of the Kenyan currency that caught global attention, the Kenyan Shilling has found consistency lately.
According to data from the Central Bank of Kenya, for close to 14 days, the Shilling has traded at 133 against the US Dollar (USD).
On Tuesday, May 7, CBK revealed that the Shilling’s exchange rate against the Dollar was 133.0434.
The figure was tabulated from the commercial bank’s average exchange rates at market close on Monday.
Commercial banks quoted the shilling at 133/134 on the morning of Tuesday further signifying the local currency’s consistency.
Business traders remarking on Shilling’s stability attributed that to the inflows of hard currency from Kenyans working abroad.
Diaspora remittances have in recent times become one of Kenya’s top foreign exchange earners bringing approximately Ksh671 billion annually.
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Additionally, the Shilling has continued to exhibit stability against the Dollar due to money raised through agricultural exports.
“We’re not seeing a lot in terms of the demand side, they’re waiting for the (dollar exchange rate) to go lower,” a trader was quoted by Reuters commenting on the Shilling stability.
Diaspora remittances have been a key focus point for President William Ruto’s administration having been pinpointed as a long-term plan to stabilise the Shilling.
On April 27, President Ruto remarked that he was laying the groundwork to ensure diaspora remittances more than doubled in less than a decade.
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