The Kenyan Shilling has, over the past weeks, shown notable resilience against major international currencies, trading at Ksh129.28 to the US dollar as of Friday last week.
This relative stability comes at a time when many emerging market currencies are facing depreciation pressure from a stronger US dollar and tightening global financial conditions.
One of the key drivers supporting the shilling is the sustained growth in diaspora remittances.
In May alone, according to data from the Central Bank of Kenya (CBK), Kenyans abroad sent home Ksh56.93 billion (USD 440.1 million), pushing the cumulative 12-month total to Ksh650.72 billion (USD 5.03 billion)-an 11.6 per cent increase from the same period last year.
