The Kenya shilling held firm against major currencies during the week ending November 27, 2025, with the Central Bank of Kenya’s Weekly Bulletin indicating continued stability in the foreign exchange market.

The shilling traded at Ksh 129.86 per U.S. dollar on November 27, marginally stronger than the Ksh 129.96 per U.S. dollar recorded on November 20. It also remained broadly steady against the Sterling Pound, Euro, and regional currencies, including the Ugandan, Tanzanian, Rwandese, and Burundian shillings.

“The Kenya shilling remained stable against major international and regional currencies during the week ending November 27, 2025. It exchanged at KSh 129.86 per U.S. dollar on November 27, compared to KSh 129.96 per U.S. dollar on November 20,” read the CBK bulletin dated November 28, 2025.

Reserves strengthen currency outlook

Kenya’s foreign exchange reserves stood at USD 11,951 million as of November 27, equivalent to 5.2 months of import cover. This comfortably surpasses the Central Bank’s minimum statutory requirement of 4 months of import cover, offering a robust cushion against external shocks and supporting exchange-rate stability.

The money market recorded adequate liquidity during the review period. Commercial banks’ excess reserves averaged Ksh 7.6 billion above the 3.25 per cent Cash Reserve Ratio requirement.

The Kenya Shilling Overnight Interbank Average Rate (KESONIA) remained unchanged at 9.25 percent. Interbank activity improved, with the average number of transactions rising from 18 to 25, while the average value traded increased from Ksh10 billion to Ksh16.2 billion.

“The Kenya shilling Overnight Interbank Average Rate (KESONIA) remained stable at 9.25 per cent on November 27, the same as on November 20. During the week, the average number of interbank transactions increased to 25 from 18 in the previous week, while the average value traded increased to Ksh16.2 billion from Ksh10 billion.”

Investors flock to T-bills

Investor appetite for short-term government securities remained strong at the Treasury bill auction held on November 27. The auction attracted total bids of Ksh 44.8 billion against an advertised amount of Ksh 24.0 billion, reflecting a subscription rate of 186.7 per cent.

The 91-day Treasury bill received Ksh 17.94 billion in bids; the 364-day paper attracted Ksh 26.35 billion; and the 182-day tenor saw bids of Ksh 515.21 million. Interest rates on all three papers held steady, with slight downward movements on the 91-day and 364-day tenors. The 91-day rate dipped to 7.779 per cent from 7.780 per cent, the 364-day eased to 9.376 per cent from 9.379 per cent, and the 182-day rate remained unchanged at 7.800 per cent.

“The Treasury bill auction of November 27 received bids totalling Ksh 44.8 billion against an advertised amount of Ksh 24.0 billion, representing a performance of 186.7 percent. Interest rate on the 91-day and 364-day Treasury bills declined marginally, and the 182-day remained stable.”

The strong subscription levels underscore continued investor confidence in Kenya’s short-term government securities, supported by a stable interest-rate environment and ample liquidity in the banking system.