Euro To Kenyan Shillings Exchange Rate : 1 Kes To Eur
If you are wondering how much is euro to kenyan shillings exchange rate today then NaijaQuest has got you covered :
- 1 Euro : 1 Eur
- Kenya Shillings : 112.957718 Kes
This is a clear sign that the Kenya shilling is not as strong as the Euro as it is over a 100 times weaker than the Euros when they are being exchanged in the foreign exchange market. There are numerous reasons for this devaluation or loss of value against the Euro which shall be discussed below.
euro to kenyan shillings exchange rate 1 kes to eur
Some couple of reasons for loss of value of Kes against Euro :
The Kenyan shilling is also losing it’s value when exchanged with foreign currencies in recent times due to the security challenges being faced in the country. The rate of insecurity in Kenya is at an all time national high as terrorists from Somali-based militia group al-Shabaab from time to time carry out deadly attacks on Kenyan soil. The direct influence of this terrorist attacks on the Kenyan economy is that there is now a low number of visitors in the tourism industry. It is important to note that tourism is Kenyans leading foreign exchange earner. So when there are fewer tourists in the country this means less dollars in circulation which leads to high demand for dollars, which effectively depreciates the strength of the Kenyan shillings.
Kenya is more of a consumers nation than producing as they import more goods and services than is exported from the country. The few major exports from Kenya like tea and coffee have not performed up to expectations in recent years. This low rate of exportation means fewer foreign currencies coming into the Kenyan economy, further increasing the scarcity of this foreign currencies.
Most people ask that how does a weak Kenyan shilling affect the cost of living in the country ?
The simple fact that Kenya imports most of her goods means that companies and importers will tend to pass the higher cost of the foreign exchange to the final consumers of the goofs. The weak Kenyan shillings makes importers in Kenya to incur more for the same quantity of goods than if they where in a foreign country.
Already the National Bureau of Statistics of Kenya has said that consumers in the country paid more for power between as the Kenya Power Company factored a higher forex levy for the high cost of power in the country. This is obviously due to the weakening of the Kenyan shilling.
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