The shilling has now clocked a year trading at the 129 level versus the dollar, giving importers stable and predictable prices of goods from abroad, even as investors holding dollars as an asset and commercial banks rue the lack of movement from which they derive their margins.
The shilling traded at an average of Sh129.23 on Monday—as per the official Central Bank of Kenya rate—compared to a rate of Sh129.25 a year ago. In the intervening period, it has traded within a range of Sh129.04 to Sh129.80, which is in contrast with the previous year when a highly volatile market saw the local unit touch an all-time low of Sh161 to the dollar.
