Kenya Shilling Remains Stable After Donald Trump Imposes Export Tariff

• The Kenyan shilling appreciated slightly against the US dollar during the week ending Thursday, April 3
• The Central Bank of Kenya noted the local currency exchanged at 129.25 against the greenback down from 129.37 on March 27
• Days after the US government announced fresh tariffs on all US imports, trade tensions increased, causing financial market instability and supply chain delays

Japhet Ruto, an editor at, brings more than eight years of expertise in finance, business, and technology, deep insights on economic developments in Kenya and globally.

The Kenya shilling has maintained remarkable stability despite US president Donald Trump’s recent imposition of export tariffs on several African nations, including Kenya, as part of his administration’s trade policy overhaul.

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What's the shilling's value?

In its weekly bulletin highlighting recent monetary and financial developments released on Friday, April 4, the Central Bank of Kenya noted the local currency exchanged at 129.25 against the United States (US) dollar.

This was compared to 129.37 per greenback on Thursday, March 27, indicating it had strengthened marginally.

"The Kenya shilling remained stable against major international and regional currencies during the week ending April 3. It exchanged at KSh 129.25 per US dollar on April 3, compared to KSh 129.37 per US dollar on March 27," CBK stated.

The regulator revealed the country's usable foreign exchange reserves remained adequate at KSh 1.28 trillion ($9,936 million) representing 5.1 months of import cover as of April 3.

"This meets the CBK’s statutory requirement to endeavour to maintain at least four months of import cover," CBK disclosed.

How did the money market perform?

The week ending April 3 saw the money market stay liquid.

With commercial banks' excess reserves standing at KSh 23.1 billion in reference to the 3.25% cash reserves requirement (CRR), open market operations continued to be active.

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The average interbank rate was 10.68% on April 3 compared to 10.66% on March 27.

However, the average value traded throughout the week dropped to KSh 6.8 billion from KSh 12.2 billion the week before, while the average number of interbank deals fell to 14 from 21.

The 91-day, 182-day, and 364-day Treasury bills' interest rates also decreased.

On the other hand, the Treasury bill auction achieved a performance of 169.5% with bids totalling KSh 40.7 billion received compared to the advertised amount of KSh 24.0 billion.

At the Nairobi Securities Exchange (NSE), the NASI and NSE 25 share price indices increased by 0.6% and 0.3%, respectively, while the NSE 20 share price index decreased by 1.3%.

How markets behaved after Trump's tariffs

With Eurozone headline inflation dropping from 2.3% in February 2025 to 2.2% in March, inflation worries eased throughout the week.

However, days after the US government announced fresh tariffs on all US imports, trade tensions increased, causing financial market instability, and supply chain delays.

Demand for safe-haven assets amid increased trade policy uncertainty propelled the US dollar index by 0.3%.

Global crude oil prices declined from $74.90 (KSh 9,680) to $71.86 (KSh 9,287.80) per barrel.

Proofreading by Asher Omondi, copy editor at.