In March 2024, the Kenya shilling emerged as a top-performing currency globally, beating major currencies, including the British Sterling pound The Central Bank of Kenya (CBK) attributed this to increased foreign exchange reserves from foreign development funders, which experts argue could see a fresh fall in the shilling NCBA Chief Executive Officer (CEO) and Kenya Bankers Association chairman John Gachora believes the shilling would return to its true value way above the current rate against the US dollar

\Kenya shilling will soon find its true value against major global currencies, especially the US dollar. NCBA Managing Director (MD) and CEO James Gachora speaking at a past event.

NCBA Managing Director and CEO John Gachora argued that the shilling will record a fresh fall, but not to the previous low of KSh 160 per US dollar. 

According to Gachora, the true value of the Kenya shilling lies between the current exchange rate and the historic low of KSh 160. 

"We do not know the true value but certainly, it is not where it was, I also do not think it’s where it is at the moment, it is somewhere in the middle," said Gachora.

Is Kenya shilling value in line with market trends? The Kenya Bankers Association chairman explained that the current exchange rate between the shilling and the US dollar is not in line with the market trends.

Gachora noted that the inflow of foreign currency through the infrastructure bond has been the main cause for the changing value of the shilling, a fit many experts have held on to.

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