The Kenyan shilling surged to its highest level in 12 years against the US dollar following significant inflows from the government’s $2 billion Eurobond repayment, instilling investor confidence.
This remarkable gain, marking an 11-day streak of appreciation, has seen the shilling trade below Ksh153.75 in several commercial banks, benefiting importers and lowering debt service costs for the government.
With the shilling’s rapid appreciation trimming Kenya’s debt service costs by Ksh144.8 billion ($965.3 million) in just seven days, the government’s move to repurchase part of its maturing
Eurobond notes has stabilized the currency and buoyed foreign currency inflows. Additionally, the issuance of a new Eurobond worth Ksh235.05 billion ($1.05 billion) further reinforces Kenya’s commitment to managing its debt obligations efficiently.
