- The Central Bank of Kenya has confirmed the shilling's exchange rate for the week ending October 22, 2026
- Kenya's foreign exchange reserves have been on a downward trend across five consecutive weekly readings
- The shilling has weakened against the US dollar since August, raising questions about the currency's near-term direction
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TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
The Kenyan shilling is edging closer to the 130 mark against the US dollar, with the latest figures from the Central Bank of Kenya (CBK) showing the currency trading at KSh 129.91 per dollar on October 22, 2026.
Source: Facebook
The CBK, in its weekly bulletin released on Friday, October 23, described the shilling as having remained stable against major international and regional currencies during the week ending October 22.
The previous week's rate stood at KSh 129.81 per dollar on October 15, meaning the shilling slipped by 10 cents over the seven-day period.
The currency's gradual decline becomes clearer when viewed over a longer window.
On August 6, 2026, the shilling was exchanging at KSh 129.41 per dollar, indicating a consistent softening over roughly two and a half months.
What is the value of Kenya's forex reserves?
Alongside the weakening exchange rate, Kenya's foreign exchange reserves have also been declining.
CBK data shows reserves fell from USD 15,042 million on September 24 to USD 14,930 million by October 1, before dropping further to USD 14,736 million on October 8 and USD 14,689 million on October 15.
The latest reading, as at October 22, showed a marginal recovery to USD 14,693 million.
In terms of import cover, the reserves provided 6.1 months of import cover in late September and early October, before slipping to 5.9 months for the three weeks ending October 22.
The import cover figure is calculated on the basis of a 36-month average of imports of goods and non-factor services.
Despite the sustained pressure on the shilling, the CBK has maintained that the currency is holding steady, noting its performance relative to both global and regional trading partners.
"The reserves meet the CBK’s statutory requirement to endeavour to maintain at least four months of import cover," it stated.
Which warning did the CBK issue?
In other news, the CBK warned that prices for fresh milk, maize flour, wheat flour, sugar and garden peas could rise in the weeks ahead.
Prolonged dry weather and higher fuel and transport costs are adding pressure to food prices.
In the survey, 74% of respondents expected fresh packaged milk prices to increase.
Source: TUKO.co.ke