The exchange rate released by the Central Bank of Kenya is an indicative rate, meant to help those exchanging currencies gauge the value of the shilling on any given day.
The Central Bank does not set the exchange rate; it is determined by the market, or supply and demand. Individual forex bureaus and commercial banks set their own rates, which are held to reasonable levels of variance and margins due to competition in the market.
Typically, consumers looking to exchange smaller amounts will find more favourable rates at forex bureaus, while those looking to exchange larger amounts through foreign accounts will find better rates at commercial banks.
Find information about historical exchange rates HERE.
Key CBK Indicative Exchange Rates (Date : 03-10-2023)
|03/10/2023||KES / RWF||8.1807||8.1178||8.2435|