Kenyan Shilling

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Kenyan Shilling

The currency of Kenya. It was introduced in 1966, replacing the first East African shilling.
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Since the Kenya shilling appreciated against some currencies and depreciated against others during the study period, the Nominal Effective Exchange Rate (NEER) is constructed.
In the past two weeks, the local unit has also strengthened in the face of increased diaspora remittances and weak demand for the dollar."The narrowing of the current account deficit suggests positive cash inflows, thus reduced pressure on the Kenya shilling.
Over the same period, the mean monthly US Dollar to Kenya Shilling exchange rate depreciated by 0.17 per cent per US$ in August to Sh100.88 per USD in September.
Over the past year, the Kenya shilling has appreciated against the dollar, making exports expensive and the interest rate has also been, according to some investors, "unacceptably high".
We want to offer our guests choices that enable them to pay in either the Kenya Shilling, Euro or the US Dollar,' Kenya Airways Group MD and CEO Sebastian Mikosz said in a statement.
"In our view, the Kenya shilling is susceptible to downward pressure from negative sentiment due to persistent fiscal concerns," the analysts say in an outlook brief."In the longer term, the cost of debt from increased external borrowing could exert further downward pressure on the Kenya shilling.
"Without it, the Kenya shilling will be exposed and depreciate.
The rating expires next year on September 30.The assigned rating reflects the relatively diversified sources of the countrys revenue, especially the huge contribution of income tax receipts to total revenue, its leading position as the hub of the East Africa sub-region as well as the relative stability of the Kenya shilling against major international currencies, the agency said in a statement on Thursday.The rating is however moderated by high deficit to GDP (gross domestic product) ratio, low income per capita as well as the huge foreign currency debt as a percentage of exports.

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