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Kenya shilling firms up to a 16-month High Against Dollar.

The shilling has strengthened above the 129 level against the dollar for the first time in 16 months, amid concerns that it was being prevented from moving freely by the central bank’s dollar purchases in the market.

Official forex data from the Central Bank of Kenya (CBK) shows that the shilling closed Friday at an average rate of Sh128.96 to the dollar, the strongest closing price since August 21, 2024 (Sh128.97). Spot market data had the shilling trading between Sh128.90 and Sh129.00 on Monday afternoon. In the last two weeks, the shilling has gained 0.7 percent on the dollar, having traded at Sh129.86 on November 28.

Source:Business Daily

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