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Browsing: Kenyan currency
- Analysts project the Kenyan shilling to remain within the ranges of Sh115.1 and Sh119.1 against the US Dollar in 2023
- The shilling depreciated by 9 percent against the US Dollar to close at Sh123.4 in 2022
- The depreciation of the Kenyan shilling in 2022 was driven by high global crude oil prices, increased dollar demand by importers, and government debt servicing.
Analysts project the Kenyan shilling to remain within the ranges of Sh115.1 and Sh119.1 against the US Dollar in 2023, even as it closed the year at a record Sh123 against the greenback.
Cytonn Investments Annual Market Report indicates that the shilling depreciated by 9 percent against the US Dollar to close at Sh123.4 in 2022 compared to Sh113.1 at the end of 2021, equivalent to a 3.6 percent depreciation.
“Against our expectations, the Kenyan shilling closed the year at Sh123.4. We expected the Kenyan shilling to remain within …