The shilling is an official currency of Kenya with code KES and symbol KSh, /=, /-, K. The currency is subdivided into 100 cents. The shilling exchange rate dramatically slumped in middle of 2011 from 83 shilling = US$1 to 100 shilling = US$1. In September 2015, it further drop to 105 shillings. The Central Bank of Kenya shifted its target to tighten the money market operations, interest rates and liquidity. On 31st January 2012, the tea exports drove up the Kenyan Shillings exchange rate to around 84 shillings per US dollar.
The first Kenyan Shillings coin were introduced in 1966. Between 1967 and 1978, the portrait of first president of Kenya, Jomo Kenyatta’s image appeared on all Kenya’s coins. In 1980, the portrait of Jomo Kenyatta, was replaced with Daniel arap Moi, which remained until 2005, when Central Bank of Kenya issued a new series of coins and restored the portrait of Jomo Kenyatta’s on all coins. In 2010, Section 231(4) of the 2010 Constitution of Kenya stated “Notes and coins issued by the Central Bank of Kenya may bear images that depict or symbolise Kenya or an aspect of Kenya but may not bear the portrait of any individual.” On 11th December 2018, a whole new series of coins was issued. All the coins depict images of Africa’s recognizable animals on the reverse and national Coat of arms of Kenya. On 31st May, new family of banknotes was introduced by Central Bank of Kenya without the portrait or image of Kenyan known people. The new series of Kenyan Shillings banknotes contain design of the Kenyatta International Convention Centre on the front side and richness of the Kenya such as Agriculture, Green Energy, Social Services, Governance and Tourism on backside of the banknotes.
Recently frequently used banknotes of 50, 100, 200, 500 and 1000 shillings and rarely used 5, 10, 20 shillings and coins of frequently used 1, 5, 10, 20 shillings and rarely used 50-cents are generally circulation in Kenyan economy.