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September 23, 2024
Kenyan Shilling Gains 0.01% Amid Record Remittance Inflows and Forex Reserve Growth
The Kenyan Shilling closed at 129.18 last week, showing a modest 0.01% gain against the US dollar, driven by increased dollar inflows and a 0.5% interest rate cut by the US Federal Reserve.
Kenya’s Forex Reserve grew to $7.9 billion, boosted by record remittance inflows of $4.6 billion in August 2024. A 79 basis point drop in Eurobond yields and a 0.4% rise in equities also improved investor sentiment, attracting more foreign investment.
These factors create opportunities for investors to capitalize on rising equities, growing remittances, and an improving forex reserve position. However, it’s essential to remain cautious about potential liquidity constraints as market conditions evolve.
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