The KNBS Economic Survey 2025 shows the Kenyan shilling appreciated 4.1% against the US dollar in 2025, easing from Ksh134.82 in 2024 to Ksh129.30. The report, released on April 29, notes sustained recovery amid improving foreign exchange conditions.
The KNBS report states the Kenyan shilling sustained its recovery momentum in 2025, with the Trade Weighted Index improving from 130.0 in 2024 to 127.6, indicating strengthening in real effective terms.
The currency appreciated 1.1% against the pound sterling to Ksh170.40 from Ksh172.27, 3.1% against the Japanese yen, and 8.0% against the Indian rupee. In the East African Community, results were mixed: it weakened 12.6% against the Rwandan franc and slightly against the Ugandan shilling, but gained against the Tanzanian shilling.
Kenya's economy grew 4.6% in 2025, down slightly from 4.7% in 2024 and short of President William Ruto's 5.6% target.
Central Bank of Kenya Governor Dr Kamau Thugge has expressed skepticism about the shilling's performance against the dollar this year amid global factors including the Middle East conflict. In a Bloomberg interview on April 9, he said, "We were waiting for this kind of shock. That is why we built up our reserves to the level where they are now," adding that exchange rate volatility remains manageable.
