Kenyan banks see forex losses from subsidiaries as shilling strengthens

Kenyan banks recorded currency losses of about Sh50 billion in the first half of the year when translating the financials of regional subsidiaries into Kenyan shillings due to the appreciation of the shilling during the period.

The shilling has appreciated between 19 and 31 percent against the currencies of Uganda, Tanzania, Rwanda, Burundi and the Democratic Republic of Congo (DRC) since the beginning of the year, reversing the depreciation of the local unit in 2023, when it was one of the world's worst performing currencies.