Kenyan Currency
Since the start of the year, the Kenyan shilling has depreciated considerably against the British pound and the euro, boosting the earnings of horticulture exporters.
According to data from the Central Bank, the shilling has depreciated by 2.34 percent this month compared to the pound, trading at 167.1 on Tuesday.
The apex bank said the shilling has dropped 2.97 percent this month, or roughly 5 percent since the start of 2025, to trade at 139.7 against the euro.
Kenya's trade with Europe is mainly conducted in euros and pounds.
The East African nation primarily exports coffee, tea, flowers, and horticultural produce to Europe, with Britain and the Netherlands being the leading importers.
Kenya earned 137 billion shillings (about 1.05 billion U.S. dollars) from horticulture in 2024 and 1.39 billion dollars from tea exports.
Meanwhile, the shilling has maintained relative stability against the dollar, trading at an average of 129, supported by stronger forex reserves, which currently stand at 10 billion dollars.
