In a significant turnaround for consumers, the Kenyan shilling has surged by 20% in just two months, marking a welcome relief from the escalating cost of living. The currency’s newfound strength has been a beacon of hope for many, as it has led to a decrease in importation costs and subsequently lowered commodity prices.

President William Ruto, speaking during a Cabinet retreat in Naivasha, attributed the shilling’s appreciation to the successful $2 billion Eurobond buyback plan, stating, “Investor confidence has been significantly enhanced, resulting in the appreciation of the shilling against the US dollar.”

The Central Bank of Kenya, quoting the shilling at 130.35, affirmed that the country’s economic landscape has been positively impacted by the strengthening currency. The recent rise in value has not only reduced the cost of imports but has also contributed to a decline in inflation levels, with prices of essential goods such as maize flour and sugar experiencing notable drops.

Furthermore, the World Bank recognized the Kenyan shilling as the best-performing currency in Sub-Saharan Africa, highlighting its 16% appreciation this year. This resurgence has not only eased pressure on forex reserves but has also positioned Kenya favorably in the regional economic sphere.

With the shilling’s remarkable appreciation and its ripple effects on the economy, consumers can look forward to a more stable and affordable cost of living in the coming months.