According to dealers, the long-dormant interbank market gained momentum on Thursday, helping to meet the demand for foreign cash while the Kenyan shilling maintained a flat exchange rate with the dollar.
Commercial banks’ shilling quotes were unchanged from Wednesday’s close at 132.25/45 at 09:43 GMT.
According to Refinitiv statistics, the shilling’s value relative to the dollar has dropped 6.7% this year.
President William Ruto stated last week that the Central Bank and the government were collaborating to reactivate the interbank foreign currency market, which had become quiet in recent years due to what traders perceived as strong central bank regulation.