Kamau Thugge, Nominee for the position of governor at the Central Bank of Kenya, takes an oath in County Hall, Nairobi, capital of Kenya, on May 30, 2023. (Photo by Allan Mutiso/Xinhua)
The Kenyan shilling has reversed a downward trend against major world currencies that had persisted for the last year, touching a new high against the U.S. dollar on Tuesday.
NAIROBI, Feb. 14 (Xinhua) -- The Kenyan shilling has reversed a downward trend against major world currencies that had persisted for the last year, touching a new high against the U.S. dollar on Tuesday.
The Central Bank of Kenya placed the shilling at 158.6 to the dollar, a rise from a 30-year low of 161.
The shilling has recorded and sustained gains since Feb. 8 and is expected to gain further in the coming days, according to the apex bank.
Against the sterling pound, the shilling exchanged at a new high of 200.1 and the euro at 170.8 on Tuesday, said the bank.
Workers offload UK's secondhand bicycles at a parking bay in Nakuru County, Kenya, on Dec. 2, 2023. (Photo by Sheikh Maina/Xinhua)
The local unit has also gained against East African currencies, rising against Tanzanian and Ugandan shillings.
The strengthening of the shilling is attributed to an increase in forex reserves from 6.61 billion dollars at the end of 2023 to a new high of 7.13 billion dollars on Feb. 9.
Kenya on Feb. 7 initiated the process to buy back its 2-billion-dollar Eurobonds, which matured in June, with inflows from the sale said to be flowing into the country, further raising the forex reserves and giving a buffer to the shilling. ■