Exchange Rate in Kenya
Kenya - Exchange Rate
Kenyan shilling plunges to over four-year low against the U.S. dollar
The Kenyan shilling (KES) plummeted against the U.S. dollar in recent weeks as fears over the impact of the spread of the Covid-19 pandemic rattled markets. On 20 March, the shilling closed the day at 106.0 KES per USD, which represented a 4.4% depreciation over the same day of the previous month and marked the lowest value since September 2015. As of that date, the shilling was down 4.4% year-to-date and 4.7% compared to the same day last year.
Concerns over the potential economic fallout from the spread of the coronavirus pandemic weighed heavily on market sentiment in recent weeks, increasing demand for safe-haven assets and leading to a sharp weakening of the shilling. Moreover, the lockdowns in Europe—the country’s largest export market, particularly for flowers—and widespread travel restrictions are seen curbing hard currency earnings, while remittance inflows are slowing.
On the monetary policy front, the Central Bank announced on 16 March measures to offer relief to distressed borrowers by allowing commercial banks to extend loans for up to a year to those who get into difficulties due to the coronavirus crisis. Furthermore, small- and medium-sized firms affected by the pandemic will also be able to restructure their bank loans at no cost, while charges and limits for mobile transfers have been removed in order to promote mobile money transactions, reduce the need for cash transactions and thereby prevent the spread of the virus.
Our panel projects the shilling to end 2020 at 105.2 KES per USD. In 2021, panelists see the shilling depreciating to 108.8 KES per USD.
Kenya - Exchange Rate Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 102.3 | 102.5 | 103.2 | 101.9 | 101.4 |
Kenya Exchange Rate Chart
Source: Thomson Reuters
Kenya Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.20 | 0.0 % | Dec 31 |
| Exchange Rate | 101.4 | 0.05 % | Jan 01 |
| Stock Market | 0.4 | 0.0 % | Jan 07 |
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Consumer prices fell a seasonally-adjusted 0.31% in June over the previous month, swinging from the 0.63% rise logged in May.
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At its 25 June meeting, the Monetary Policy Committee (MPC) of Kenya’s Central Bank retained the Central Bank rate at 7.00%, where it has been since 29 April.
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Kenya: Government unveils FY2020 budget against Covid-19 backdrop; sets a trajectory for consolidation
June 19, 2020
On 11 June, the government presented a KES 2.79 trillion (around USD 26 billion) budget for fiscal year 2020–2021, which will start on 1 July and run through to 30 June 2021.
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