The Kenya shilling maintained stability against major international and regional currencies during the week ending April 23, 2026, supported by liquidity in the money market and sustained foreign exchange inflows.

According to the Central Bank of Kenya (CBK) bulletin dated April 24, 2026, “The Kenya Shilling remained stable against major international and regional currencies during the week ending April 23, 2026. It exchanged at Ksh 129.21 per U.S. dollar on April 23, compared to Ksh 129.18 on April 16.”

The near-flat movement reflected limited volatility in the foreign exchange market, with trading conditions influenced by adequate dollar supply and steady demand from importers. The CBK noted that the domestic currency continued to benefit from supportive macroeconomic conditions and stable market operations.

Foreign exchange reserves position

The country’s foreign exchange reserves remained above statutory thresholds, providing a buffer against external shocks. As of April 23, 2026, reserves stood at Ksh 1.71 trillion, equivalent to 5.6 months of import cover. This level is above the Central Bank of Kenya’s requirement of at least four months of import cover.

The reserve position has been supported by inflows from diaspora remittances, exports, and multilateral disbursements, contributing to stability in the foreign exchange market. The buffer continues to play a role in moderating pressure on the shilling amid global market fluctuations driven by inflationary and geopolitical developments.

Money market and government securities performance

The money market remained liquid during the review period, supported by active central bank operations and excess banking system liquidity. Commercial banks recorded average excess reserves of Ksh 71.4 billion above the 3.25 percent Cash Reserve Ratio requirement.

The CBK also maintained open market operations to balance liquidity conditions across the banking sector. The bulletin states that “liquid during the week ending April 23, 2026, with open market operations remaining active.”

The Kenya Shilling Overnight Interbank Average Rate (KESONIA) remained unchanged at 8.76 percent on April 23. Interbank market activity increased, with the number of transactions rising to an average of 31 from 21 in the previous week, while the average value traded declined to Ksh 9.6 billion from Ksh 11.2 billion.

In the Treasury bills market, the auction held on April 23 received bids worth Ksh 13.8 billion against an offer of KSh 24.0 billion, translating to a 57.4 percent performance. Yields on the 91-day and 182-day papers increased marginally, while the 364-day paper recorded a slight decline. The mixed demand reflected selective investor appetite across maturities.