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The Kenyan shilling was firm on Monday supported by inflows from the agricultural sector and offshore investors buying stocks and government debt, traders said.
At 0630 GMT, commercial banks quoted the shilling at 100.80/101.00 per dollar, the same as Friday’s close.
The economy of Kenya is a market-based economy with a liberalised external trade system and a few state enterprises. Major industries include agriculture, forestry, fishing, mining, manufacturing, energy, tourism and financial services. As of 2019, Kenya had an estimated GDP of $99.246 billion and per capita GDP of $2,010 making it the 62nd largest economy in the world.
The government of Kenya is generally investment-friendly and has enacted several regulatory reforms to simplify both foreign and local investment, including the creation of an export processing zone. An increasingly significant portion of Kenya’s foreign financial inflows are remittances by non-resident Kenyans who work in the US, Middle East, Europe and Asia.
As of September 2018, economic prospects were positive with above 6% GDP growth expected, largely because of expansions in the telecommunications, transport and construction sectors, and a recovery in agriculture. These improvements are supported by a large pool of highly educated professional workers. There is a high level of IT literacy and innovation, especially among young Kenyans.
In 2018, Kenya ranked 61st in the World Bank ease of doing business rating, up from 80th in 2017 (of 190 countries). Compared to its neighbours, Kenya has a well-developed social and physical infrastructure.
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