NAIROBI: Africas, Reuters
The shilling surged to its highest level since June 2023 as the central bank of Kenya purchased dollars on the foreign currency market today, according to dealers, in an effort to reduce volatility.
The central bank claims that it has no preferred level for the shilling and simply steps in to reduce volatility when it moves too quickly in either direction.
According to LSEG data, the shilling gained about 8% on the day and reached as high as 139.00 against the US dollar. This surge was fueled by international investments in Kenya’s domestic debt as well as the settlement of a $2 billion Eurobond that matures in June.
