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Why Kenya shilling remained at Sh129 against the dollar for record 16 months
A teller handles US dollar banknotes and Kenya shilling banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya on February 16, 2024.
This year, the shilling enjoyed its most stable run against the dollar in decades, but not without controversy after the International Monetary Fund (IMF) expressed concern that the stability was affecting monetary policy transmission.
The IMF concerns came as the Treasury let slip that the Central Bank of Kenya (CBK) was keeping the currency stable by buying dollars from the market, even as the apex bank reiterated its commitment to a free floating exchange rate.
