The Kenya shilling has continued to hold its position relatively stable against the US dollar as well as other global currencies.

According to the latest data from the Central Bank of Kenya (CBK), the Kenyan shilling has remained relatively stable since making significant gains in 2024, and has settled just below KSh 130/$1.

CBK reported that the KSh exchanged at KSh 129.24 per US dollar during the week ending on June 12, compared to KSh 129.22 per US dollar on the previous week that ended on June 5.

Notably, the stable exchange rate of the KSh has been buoyed by the sufficient US dollar reserves held by the CBK.

"The usable foreign exchange reserves remained adequate at USD 10.946 billion (about KSh 1.42 trillion) (4.8 months of import cover) as of June 12. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover," CBK reported.

Tanzanian shilling (TZS) had been among the worst performing currencies in the world following months of depreciation.

However, following various deliberate actions by the Bank of Tanzania and the confluence of other factors affecting the value of the US dollar, the TZS has made a comeback and is now among the best performing currencies in the world.

On Wednesday, Bloomberg reported that the TZS appreciated by 1% to trade at 2,588.12 against the US dollar, marking a 3.7% gain for June so far. This surge has helped reduce the shilling’s year-to-date loss from double digits to around 7%, offering some relief after it was ranked among the world’s worst-performing currencies earlier in the year.

As of Sunday, TUKO.co.ke confirmed that the TZS had made further gains against the US dollar. The Bank of Tanzania quoted a mean exchange rate of TZS 2583.8152/$1 on June 15, gaining over 10%.

Notably, the government of Tanzania officially banned the use of foreign currencies, including the US dollar, for all local transactions in an effort to stabilise the weakening shilling.

As reported by TUKO.co.ke, at the time, the TZS was among Africa’s worst-performing currencies in 2025.

Tanzania enacted new foreign exchange regulations that required all goods and services be priced and paid for exclusively in Tanzanian shillings.

The Bank of Tanzania stated that quoting or accepting foreign currency in domestic transactions was a criminal offence.

The regulations made an allowance for some existing contracts to be paid in foreign currency, but new agreements requiring foreign currency payments were prohibited.

Following the enactment, foreigners, including tourists, must convert their currencies through official channels but may still use bank cards or digital payments, a move that has increased the supply of US dollars and raised the demand for the TZS.

Source: TUKO.co.ke