The Kenya shilling closed 2025 trading at 129.0 units against the U.S. dollar, marking a marginal 0.2% appreciation, largely driven by higher cumulative diaspora remittances year-on-year, improved foreign exchange reserves, and robust tourism inflow receipts and export revenue.
In November 2025, diaspora remittances totalled USD 388.3 million, equivalent to KES 49.95 billion, down 8.3% year-on-year from November 2024. However, 12-months cumulative inflows reached KES 650.6 billion (USD 5.1 billion), up 3.6% year-on-year, helping to mitigate the Kenya shilling against external shocks. Cumulative inflows for the first 11 months of 2025 stood at KES 592.6 billion.
Foreign exchange reserves at the Central Bank of Kenya (CBK) closed the year at a new all time high of USD 12.394 billion, representing 5.3 months of import cover, well above the 4 months of import cover statutory requirement.
Tourism inflow receipts were instrumental, underpinned by a 52.2% increase in arrivals at the Jomo Kenyatta International Airport (JKIA) and Moi International Airport (MIA) in the third quarter of the year, to 745,720 visitors from 489,831 visitors in a similar period the previous year.
Kenya Shilling Stable amidst Growing Debt
Despite the appreciation of the Kenya shilling during the review period, foreign debt servicing and a widening current account deficit weighed the currency down. As of November 2025, Kenya’s public debt stood at KES 12.25 trillion, with domestic debt at KES 6.78 trillion and external debt at KES 5.47 trillion. The current account deficit widened by 76.6% in Q2 2025 to KES 83.7 billion, from KES 47.4 billion in Q2 2024. The Kenyan shilling has remained stable over the most of the year, even as these factors continue to weigh down on local unit.
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