This archive report was first published on 5 November 2021.
As of Friday, 5th November 2021, the Kenya Shilling was quoted at a mean rate of KSh 111.55 against the US Dollar, according to the Central Bank of Kenya (CBK).
CBK's Financial Markets department compiles indicative foreign exchange rates daily, providing a good indicator of the shilling's value on any particular day.
Analysts point to Kenya's high external dollar debt, private sector leverage, anaemic economic growth, high import bill, and subtle dollarization of financial transactions as factors contributing to the lack of faith in the local unit.
Others blame the rising price of crude oil on the international market for pressure on the local unit, citing global crude oil prices on a steady rise due to growing demand in the post-COVID 19 period.
According to CBK's weekly bulletin dated 28th October 2021, the local currency exchanged at KSh 111.15 per US dollar on October 28, compared to KSh 111.02 per US dollar on October 21.
Figures from the National Treasury and CBK show that Kenya's total debt has been on the rise, from KSh 5.8 Trillion in June 2019, KSh 6.7 Trillion in June 2020, and KSh 7.7 Trillion in June 2021.
