The Kenyan shilling stands out as the best-performing currency in Sub-Saharan Africa, with a remarkable appreciation rate of 16 percent according to the World Bank’s Africa Pulse Report.

The Central Bank of Kenya’s (CBK) strategic monetary policies have significantly contributed to the shilling’s strength. These policies have increased demand for the local currency, resulting in its impressive appreciation.

Kenya’s active participation in the Eurobond market, particularly in February, has further bolstered the shilling against the US dollar. This engagement has instilled confidence in the local currency and attracted more investors, contributing to its stability and appreciation.

”The Kenyan shilling is the best-performing currency in the subcontinent as it recorded an appreciation of 16 percent so far this year. After strengthening by 14 percent by mid-February, the Zambian kwacha has lost some ground and recorded a year-to-date appreciation of 2.4 percent as of mid-March,” the report reads in part.

Despite fluctuations in other currencies within the region, such as the Zambian Kwacha, the Kenyan shilling has maintained its upward trajectory. This resilience showcases Kenya’s stable economic environment and prudent monetary policies.

The consistent performance and appreciation of the Kenyan shilling indicate a positive outlook for investors and businesses operating within the country. This stability promotes economic growth and strengthens Kenya’s position as a leading financial hub in the region.