What Is the Kenyan Shilling (KES)?

1. What Is the Kenyan Shilling (KES)? The Kenyan shilling (KES) is the country's official currency. It's popular in Kenya, Sudan, and Somalia. The shilling is divided further into 100 cents. Prices are frequently preceded by the acronym KSh, as in "100 KSh" to denote 100 shillings. The trading symbol for foreign exchange (FX) is KES. Digital way to send KES

2. KES and Kenya's Economy • The relative value of a currency, such as the Kenyan shilling, against other currencies is heavily influenced by individuals' and organisations' desire to hold assets denominated in shillings. This is determined in part by how other trading partners see Kenya's economic development and stability prospects. • While Kenya's economy has remained sluggish in previous years, the yearly growth rate for the country's gross domestic product (GDP) has improved to 5.8 percent in 2016. Kenya is one of the fastest-growing economies in Sub-Saharan Africa, with an annual growth rate of 5.4 percent in 2019. Kenya's GDP growth is mostly attributable to an increase in tourism and investment in the country's infrastructure.

3. Understanding the Kenyan Shilling (KES) • The KES/USD exchange rate peaked above 75 shillings per US dollar in 2009, but fell to more than 105 shillings per dollar in 2015 and again in 2017. Since 2016, the Kenyan shilling has been hovering around the 100 level versus the US dollar, as worries rise over the amount of public debt Kenya has accumulated over the years. In January 2021, one US dollar equals around 110 Kenyan shillings. • The Kenyan shilling is one of East Africa's most stable currencies. Indeed, it is frequently used in neighbouring nations with less stable currencies, such as Sudan and Somalia. Although less volatile than other regional currencies, the Kenyan shilling's exchange rate has typically fallen compared to the US dollar during the last decade