This archive report was first published on 12 July 2020.
On July 9, 2020, the Central Bank of Kenya (CBK) quoted the Kenya shilling at Ksh106.96 against the US dollar, a marginal decline from Ksh106.54 per US dollar on July 2.
The shilling averaged Ksh106.72 against the US Dollar, Ksh133.42 against the Sterling Pound, Ksh120.34 against the Euro, and Ksh99.26 against the Japanese Yen in the week.
The decline was attributed to increased dollar demand from merchandise importers and the energy sector following the easing of COVID-19 restrictions and the lifting of the intercounty lockdown on June 6.
Foreign Exchange Reserves ¶
CBK revealed that foreign exchange reserves remained adequate at Ksh1.036 trillion ($9,704 million) equivalent to 5.83 months of import cover as at July 9, 2020, meeting the CBK's statutory requirement and the EAC region's convergence criteria.
Diaspora Remittances & Horticulture Exports Support Kenya Shilling
