The Kenya shilling has weakened against the dollar just hours after Meg Whitman resigned as the US ambassador to Kenya on November 13, 2024. Central Bank of Kenya (CBK) November 14th indicative rates show that the shilling weakened against the US dollar and the Euro just a day after Whitman’s resignation.
On November 13, the Kenya shilling was exchanging at 129.2549 against the dollar but this increased to 129.3507 on November 14.
Similarly, the rate increased from 137.3139 to 137.4416 against the Euro over the last 24 hours.
On November 13, the shilling exchanged at 165.4786 against the Sterling Pound but this has reduced to 164.7993.
The rate against the Japanese Yen (100) has reduced from 83.6737 to 83.4628 during the same period.
CBK Indicative Rates for African Countries
The Kenyan shilling weakened slightly against the Uganda shilling but remained steady against the Tanzanian shilling, Rwanda Franc and South African Rand.
The indicative rates for the four countries against the Kenyan shilling are as follows for November 13 and 14th respectively: Uganda Shilling from 28.4322 to 28.3725, Tanzanian shilling from 20.5795 to 20.5642, Rwanda Franc from 10.6224 to10.6111 and South African Rand from 7.1532 to 7.1695.
In its weekly bulletin, CBL said the Kenya Shilling remained stable against major international and regional currencies during the week ending November 7.
Weekly Foreign Exchange Rates
It exchanged at Ksh129.21 per US dollar on November 7, compared to Ksh129.20 per US dollar on October 31.
The usable foreign exchange reserves remained adequate at USD 9,323 million.
This met the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover.
Also Read: CBK Explains Oil Price Hike Despite Stable Shilling & Increased Foreign Remittances
False Information on Kenya’s Banking System
CBK also dismissed misleading information circulated on social media regarding the banking system in Kenya.
In a statement, CBK said the banking sector in Kenya remains stable, resilient, and is adequately capitalized.
Therefore, the Bank said all customers should continue transacting as normal.
Also Read: CBK Explains How Kenyans Will Benefit in Sending and Receiving Money with Upcoming System
“CBK has not issued any press release, or other information with regard to the operation of the banking sector or any other element of its mandate. We thus advise the public to disregard any such purported information,” read part of the statement.
CBK said the intent behind these malicious attempts is usually to induce panic, leading to action which may destabilize the market.
The BAK emphasized that creating or circulating such information is in contravention of several laws including the Computer Misuse and Cybercrimes Act and will lead to criminal prosecutions.
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