Kenyan shilling gains ground against Uganda, Tanzania currencies

Tanzania and Uganda freeze exchange of Kenyan bank notes

Nairobi Kenya | By Michael Wandati | The Kenyan shilling has consistently shown significant gains in strength compared to the currencies of Uganda and Tanzania.

As of April 4, the Kenyan shilling is quoted trading at USh29.45 and Tsh19.69, indicating gains compared to previous rates. In March, it traded at USh27 and Tsh18, while in February, it stood at USh24 and Tsh15.

This upward trend aligns with Kenya’s commitment to bolster relations with East African nations, recognizing them as crucial trading partners.

Kenya’s Prime Cabinet Secretary and Foreign and Diaspora Affairs CS Musalia Mudavadi emphasized the importance of collective efforts among member states to achieve the vision of a prosperous, competitive, secure, stable, and politically united East Africa.

Mudavadi’s remarks came during discussions with Tanzanian counterpart January Makamba at the sidelines of the Ministerial meeting of the Non-Aligned Movement (NAM) Member States Summit in Kampala, Uganda. Both ministers affirmed their commitment to enhancing bilateral engagements to strengthen and advance the diplomatic ties between Kenya and Tanzania.

“Kenya and Tanzania enjoy long-standing historical ties with close cooperation in key sectors of economic and cultural advancements,” he said.

“Being one of our key trading partners within the region, this collaboration extends beyond EAC and Africa as Kenya is known to have continuously improved its foreign relations and diplomatic engagements globally,” Mudavadi added.

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In March 2024, Kenya and Uganda announced plans to inaugurate a one-stop border post at the Suam border point in Trans Nzoia along the Kenya-Uganda border.

Funded by the African Finance Development Bank and facilitated by China State Engineering Construction Corporation, the Suam border post will streamline immigration, customs, security, and sanitary inspections, thereby enhancing efficiency in the transportation and clearance of goods.

President William Ruto confirmed the upcoming launch of the one-stop border post during the official opening of the 3rd sitting of the 3rd session of the 5th East African Legislative Assembly (EALA). He emphasized that the collaborative initiative aims to bolster trade between the two neighboring countries.

The upgraded border post will consolidate immigration, customs, security, and sanitation checks into a single centralized location, facilitating smoother cross-border operations.