The Kenyan shilling maintained relative stability against major currencies in the week ending November 20, 2025, according to the Central Bank of Kenya’s (CBK) weekly bulletin released on November 21.

The local unit closed the week at Ksh 129.96 per US dollar, a marginal depreciation of Ksh 0.71 from Ksh 129.25 recorded on November 13.

Despite the slight weakening, the shilling exhibited resilience against both international and regional peers, supported by adequate foreign exchange reserves and a liquid money market.

“The Kenya shilling remained stable against major international and regional currencies during the week ending November 20, 2025. It exchanged at Ksh 129.96 per U.S. dollar on November 20, compared to Ksh 129.25 per US dollar on November 13,” read the CBK report dated November 21, 2025.

Exchange rates

CBK data shows the shilling traded within a narrow band during the review period. The average rate for the week stood at Ksh 129.61 per dollar compared to Ksh 129.24 the previous week.

Against the Sterling Pound, the Shilling strengthened marginally, closing at Ksh 169.67 on November 20 from an average of Ksh 170.22 the prior week. The Euro weakened slightly, with the November 14–20 average at Ksh 150.18.

Regional currencies remained largely stable, with the Ugandan, Tanzanian, Rwandan, and Burundian shillings showing minimal fluctuations per Kenyan shilling unit. Analysts attribute the shilling’s steadiness to balanced dollar demand and supply, supported by remittances and restrained importer activity.

Foreign exchange reserves

Kenya’s usable foreign exchange reserves stood at USD 12,009 million as of November 20, equivalent to 5.2 months of import cover. Although reserves declined slightly from USD 12,292 million the previous week, the buffer remains well above CBK’s statutory target of 4 months and the EAC convergence criterion of 4.5 months.

The reserve position provides the Central Bank with ample room to intervene in the forex market when necessary, reducing volatility and anchoring investor confidence in the shilling.

“The foreign exchange reserves remained adequate at USD 12,009 million (5.2 months of import cover) as of November 20. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover.”

Money market

Domestic liquidity remained ample throughout the week, supporting smooth market operations. Commercial banks maintained average excess reserves of Ksh 17.2 billion above the 3.25% cash reserve ratio requirement.

The Kenya Shilling Overnight Interbank Average Rate (KESONIA) edged up slightly to 9.25% on November 20 from 9.23% on November 13, reflecting minor tightening but remaining within a comfortable range.

Interbank activity slowed, with the average number of transactions dropping to 18 from 26 and the value traded declining to Ksh 10.0 billion from Ksh 13.9 billion, indicating reduced borrowing needs amid abundant liquidity.

The combination of adequate reserves, a well-supplied money market, and controlled interbank rates has provided a stable foundation for the Kenyan shilling, shielding it from external pressures despite a marginally stronger US dollarglobally.