CBK held 8.75%; USD/KES moved just KES 0.09

USD/KES fell by KES 0.09 from 11 to 13 August after the Central Bank of Kenya held its policy rate at 8.75%.

For a Kenyan importer paying a USD 10,000 supplier invoice, that movement cuts the mid-market shilling value by about KES 861: from KES 1,293,696 on 11 August to KES 1,292,835 on 13 August, using OnLink's unrounded daily observations.

The CBK decision dated 11 August kept the Central Bank Rate at 8.75%.

The exchange rate stayed inside a KES 0.14 weekly band

OnLink's seven-day USD/KES history records KES 129.37 per USD on 11 August and KES 129.28 on 13 August. The series' high was KES 129.43 on 8 August; its 13 August low put the full seven-day range at KES 0.14 per dollar.

That whole weekly band changes the mid-market value of a USD 10,000 invoice by KES 1,428. The post-meeting move represents 60% of that amount.

A policy-rate hold is not an exchange-rate lock

The timing does not establish that the CBK decision caused the currency move. The policy rate is quoted as a percentage; USD/KES is the number of shillings per dollar. They respond to different transactions and should not be treated as matching numbers. OnLink's standing guide explains how CBK rate decisions affect USD/KES without treating the policy rate as a currency quote.

For an importer, the KES 861 calculation is a market-value comparison rather than a supplier-payment quote. The provider's live exchange rate determines the converted amount when the payment is authorised, with any transfer fee added separately. OnLink's guide to paying overseas suppliers from Kenya shows how to compare both figures.

Compare the live KES-to-USD rate before paying a supplier.

Image credit

Cover graphic by OnLink using its public USD/KES history, accessed 13 August 2026.