Kenyan Listed Banking Sector Quarterly Earnings and Operating Metrics
Currency
115.0
Year-to-date, the Kenyan shilling has depreciated by 8.5% against the US Dollar (as of 09th Dec 2022)
125.0
120.0
Cytonn Report: Kshs. vs USD
110.0
105.0
100.0
95.0
90.0
10-yr moving average
Jan-17
Mar-17
May-17
Jul-17-
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
· 8Ι-ΛΟΝ
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
· ΟΖ-ΛΟΝ
Jan-21
125.0
122.8
120.0
115.0
117.1
110.0
105.0
100.0
95.0
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
90.0
*Source: Central Bank of Kenya
-Exchange Rate
-10 Yr Moving Average
The Kenya Shilling has depreciated against the US Dollar by 8.5% year to date, to close at Kshs 122.8, from Kshs 113.1 at the
beginning of the year, marking an all-time low. The depreciation is partly attributable to increased dollar demand from the oil
and energy sectors against a slower supply of hard currency,
Going forward, we expect the Kenyan Shilling to remain under significant pressure in the medium term as demand for the dollar
continues to increase in the oil and energy sector and as traders beef up their hard currency positions in anticipation for higher
demand for the dollar during the festive season. The local currency is however expected to be supported by the sufficient Forex
reserves
Cytonn
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