Kenyan Shilling ranked the best-performing currency in the world – President RUTO is a genius!

Saturday, March 16, 2024 - The Kenyan Shilling has been ranked as the best-performing currency in the world after gaining by 20 percent, beating by far the world’s second-best performer, the Sri Lankan rupee, which has strengthened by 6.1 percent.

As of Saturday, March 16th, the shilling gained by 1.4 percent to trade at 134.50 units against the dollar, marking its 10th consecutive day in gains.

This longest streak of gain has mainly been attributed to the issuance of the new Eurobond by the government which was valued at USD1.5 billion (Sh234 billion). 

The money from the new Eurobond was used in buying back part of the Eurobond maturing in June this year.

While defending the government's move to issue the new Eurobond in February this year, Treasury Principal Secretary Chris Kiptoo stated the securities attracted investors who made more than one USD billion in offers.

Another contributing factor is the oversubscription of the Treasury Bonds, including the infrastructure bonds worth Ksh70 billion, issued by the Central Bank of Kenya in January this year.

The Kenyan DAILY POST