Kenya Shilling Down to KSh 130 Per US Dollar as CBK Maintains Forex Reserves Above KSh 900b
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The Central Bank of Kenya (CBK) reported that the Kenya shilling remained stable against major international and regional currencies during the week ending May 16, 2024. The shilling gained value against the US dollar, exchanging at KSh 130.48 per US dollar on May 16, compared to KSh 131.25 per US dollar on May 9. Joan Ogara, a forex market and finance expert, emphasized the need for Kenya to attract foreign investments, diversify exports, and strengthen local industries to sustain the shilling's value. The CBK has maintained the national foreign exchange reserves to the required minimum, with USD 7,130 million (3.8 months of import cover) as of May 16. The forex markets are still volatile due to increased dependency on market speculations. To maintain the shilling's value against the dollar, the government must create an environment that attracts foreign direct investments and exports.
#KenyaShilling #ForexMarket #CentralBankOfKenya #UsDollar #ForeignInvestments #Exports
https://www.tuko.co.ke/business-economy/money/548830-kenyas-central-bank-reports-stable-forex-rates-high-liquidity-money-markets/
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2024-05-19 06:18:28
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npub15ygdhawp2prr6xlzleujfs0hy9g3yvzgzv6pj49afh5sf5q8tfcqdjzncwPublished at
2024-05-19 06:18:28Event JSON
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"content": "Kenya Shilling Down to KSh 130 Per US Dollar as CBK Maintains Forex Reserves Above KSh 900b\n==========\n\nThe Central Bank of Kenya (CBK) reported that the Kenya shilling remained stable against major international and regional currencies during the week ending May 16, 2024. The shilling gained value against the US dollar, exchanging at KSh 130.48 per US dollar on May 16, compared to KSh 131.25 per US dollar on May 9. Joan Ogara, a forex market and finance expert, emphasized the need for Kenya to attract foreign investments, diversify exports, and strengthen local industries to sustain the shilling's value. The CBK has maintained the national foreign exchange reserves to the required minimum, with USD 7,130 million (3.8 months of import cover) as of May 16. The forex markets are still volatile due to increased dependency on market speculations. To maintain the shilling's value against the dollar, the government must create an environment that attracts foreign direct investments and exports.\n\n#KenyaShilling #ForexMarket #CentralBankOfKenya #UsDollar #ForeignInvestments #Exports\n\nhttps://www.tuko.co.ke/business-economy/money/548830-kenyas-central-bank-reports-stable-forex-rates-high-liquidity-money-markets/",
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