The Kenyan shilling is looking up. In 2024, it gained value against the US dollar, the first time it had done better in four years.
The shilling had a tough time from 2021 to 2023. It lost a lot of its worth. In early 2024, it hit an all-time low. One dollar was worth 161 shillings.
But things started to change in February 2024. The shilling began to recover. It got 17.4% stronger in one year.
The shilling's troubles began in early 2020. It started to slide against the dollar. It kept struggling for three years. This made life harder for Kenyans. The prices of many things went up.
Kenya buys more from other countries than it sells. When the shilling is weak, importers have to spend more. They use shillings to buy dollars, and then they bring in goods. The high costs are passed on to regular people.
At the shilling's lowest point, importers spent 161 shillings for one dollar. That is 30 shillings more than they spend now. The exchange rate is around 129 shillings to the dollar these days.
The shilling started doing better after a big deal in February. The government paid back a lot of money it owed, giving investors more faith in Kenya's economy.
The stronger shilling is a good sign for Kenya. It shows that things are getting more stable, and investors are feeling better about the country's future.
There are still challenges ahead as Kenya moves into 2025, but the shilling's recovery gives people hope. Kenyans and small businesses want to see a better year, and they hope the shilling stays strong. That could make life and work easier for everyone.
The Central Bank of Kenya asked banks and companies how they felt. Most of them are happy about the economy for the next 12 months. They think the big picture looks good for growth in 2025.
But there are also worries. Many people think taxes are too high, and they say this is making it harder for families to spend money. Some are also concerned about Kenya's big debts. They want the government to be careful about how it handles money.
The shilling had a tough time from 2021 to 2023. It lost a lot of its worth. In early 2024, it hit an all-time low. One dollar was worth 161 shillings.
But things started to change in February 2024. The shilling began to recover. It got 17.4% stronger in one year.
The shilling's troubles began in early 2020. It started to slide against the dollar. It kept struggling for three years. This made life harder for Kenyans. The prices of many things went up.
Kenya buys more from other countries than it sells. When the shilling is weak, importers have to spend more. They use shillings to buy dollars, and then they bring in goods. The high costs are passed on to regular people.
At the shilling's lowest point, importers spent 161 shillings for one dollar. That is 30 shillings more than they spend now. The exchange rate is around 129 shillings to the dollar these days.
The shilling started doing better after a big deal in February. The government paid back a lot of money it owed, giving investors more faith in Kenya's economy.
The stronger shilling is a good sign for Kenya. It shows that things are getting more stable, and investors are feeling better about the country's future.
There are still challenges ahead as Kenya moves into 2025, but the shilling's recovery gives people hope. Kenyans and small businesses want to see a better year, and they hope the shilling stays strong. That could make life and work easier for everyone.
The Central Bank of Kenya asked banks and companies how they felt. Most of them are happy about the economy for the next 12 months. They think the big picture looks good for growth in 2025.
But there are also worries. Many people think taxes are too high, and they say this is making it harder for families to spend money. Some are also concerned about Kenya's big debts. They want the government to be careful about how it handles money.
