Kenyan Shilling Defies EM Swings With Foreign Deals Flow

Kenya’s shilling has traded in an unusually narrow band against the dollar for 18 months, emerging as one of the world’s most stable currencies after a bruising 2023 rout.

Since the central bank began cutting interest rates in August 2024, the currency has hovered between 128 and 130 per dollar, a stark contrast to the 21% slide it suffered the previous year. The currency’s one-year volatility has been 1.6%, compared with 10.5% for the South African rand.