Kenyan Shilling Holds Firm Against EAC Currencies as Forex Reserves Fall by KSh6 Billion
Kenya’s shilling remained broadly stable against major regional and international currencies despite a KSh6 billion decline in the country’s foreign exchange reserves over the week ending September 24, 2026.
The Central Bank of Kenya (CBK) said the shilling traded at KSh129.48 to the US dollar on September 24, compared with KSh129.62 a week earlier, representing a modest strengthening against the US currency.
The latest figures were contained in the CBK’s weekly bulletin published on Friday, September 25.
Kenya’s forex reserves fall to KSh1.95 trillion
Kenya’s foreign exchange reserves stood at KSh1.95 trillion ($15.042 billion) as of September 24, down from KSh1.96 trillion ($15.088 billion) recorded a week earlier.
The approximately KSh6 billion decline nevertheless left the country’s reserves equivalent to 6.1 months of import cover.
That level remains above the CBK’s statutory minimum of four months of import cover, providing a buffer against external payment pressures.
The reserve position is closely watched because foreign exchange holdings give the country a measure of capacity to meet international payment obligations and help support confidence in the domestic currency.
How the shilling performed against EAC currencies
The Kenyan currency recorded mixed movements against currencies in the East African Community during the period under review.
Against the Tanzanian shilling, the exchange rate moved from 20.40 to 20.46 Tanzanian shillings per Kenyan shilling, representing a 0.29% strengthening of the Kenyan unit.
The shilling also gained against the Rwandan franc, with the rate moving from 11.35 to 11.37, equivalent to a 0.18% appreciation.
Against the Burundian franc, the Kenyan shilling strengthened from 23.10 to 23.13, a 0.13% gain.
The only decline among the four regional currencies listed by the CBK was against the Ugandan shilling. The rate moved from 30.19 to 30.14 Ugandan shillings per Kenyan shilling, representing a 0.17% decline in the Kenyan currency.
The CBK describes the published exchange rates as market-determined indicative rates.
Shilling remains around KSh129.50 to the dollar
The latest figures point to relatively limited movement in the Kenyan currency against the US dollar during the week.
The shilling moved from KSh129.62 on September 17 to KSh129.48 on September 24, maintaining its position around the KSh129.50 level.
The currency’s performance comes against a wider backdrop of movements in African foreign exchange markets.
The Seychellois rupee was reported to have recorded a significantly larger gain against the US dollar during September, while Nigeria’s naira also strengthened as the country’s foreign exchange reserves reached their highest level in 18 years, according to the figures cited in the report.
Global interest-rate developments have also remained an important factor for emerging-market currencies, with changes in US monetary policy potentially affecting capital flows and demand for the dollar.
For Kenya, the combination of a relatively stable shilling and reserves equivalent to more than six months of import cover provides the latest snapshot of the country’s external position, even as the reserve balance recorded a weekly decline.
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