The shilling, denoted by KES, is the official currency of Kenya. Banknotes are issued in the following denominations: 50, 100, 200, 500, and 1000 Shillings; smaller values are issued as coins with 1 Shilling = 100 Cents. The current notes were issued in several series, starting in 1980. Notes of 10 and 20 Shillings are being replaced by coins. Some older notes are redeemable.
Travel Notes:
Local currency import and export is limited to one million
Shillings.
Foreign currency may be imported and exported for free,
although amounts equivalent to 5000 USD must be declared.
Sovereign Ratings for Kenya
Kenya is not rated.
What does it look like?
Political Structure
The government of Kenya is a republic, consisting of executive, legislative and judicial branches. The executive branch is made up of the president (who serves as the chief of state and the head of government) and the cabinet. The cabinet is appointed by the president, who is elected by popular vote for a five-year term. In addition to receiving the largest number of votes in absolute terms, the presidential candidate must also win 25% or more of the vote in at least five of Kenya's seven provinces and one area to avoid a runoff. The legislative branch is made up of the unicameral National Assembly, also known as Bunge. The Assembly has 224 seats, 210 of which are elected by popular vote to serve five-year terms, with 12 so-called "nominated" members who are appointed by the president but selected by the parties in proportion to their parliamentary vote totals. There are also 2 ex-officio members. The judicial branch encompasses the Court of Appeal, whose chief justice is appointed by the president, and the High Court.
Prominent Figures
President: Mwai Kibaki
Vice President: Moody Awori
Foreign Minister: Ali Mwakwere
Finance Minister: David Mwiraria
Governor of the Central Bank of Kenya: Dr. Andrew Mullei
Key Economic Factors
Economic Overview: Kenya is considered the regional hub for trade and finance in East Africa, but its strengths are hampered by corruption and by reliance upon several primary goods whose prices have failed to rise over the years. In 1997, the IMF suspended the nation's Enhanced Structural Adjustment Program in response to government failure of maintaining reforms and curbing corruption. In 1999, a severe year-long drought compounded Kenya's problems, reducing overall agricultural output and causing water and energy to be rationed. In turn, the GDP contracted 0.2% in 2000. Though the IMF supported Kenya during its drought, it halted lending in 2001 when the government failed to institute further anticorruption measures. Growth lagged at 1.1% in 2002 because of erratic rains, low investor confidence, meager donor support, and political infighting up to the elections. In the key elections of December, Daniel Arap MOI's 24-year-old reign ended, and a new opposition government took on the formidable economic problems facing the nation. In 2003, progress was made in rooting out corruption and encouraging donor support, with economic growth approaching 1.7%. GDP grew at 2.2% in 2004.
Key Industries: Small-scale consumer goods (plastic, furniture, batteries, textiles, soap, cigarettes, flour), agricultural products, oil refining, aluminum, steel, lead, cement, commercial ship repair and tourism.
Agricultural Products: Tea, coffee, corn, wheat, sugarcane, fruit, vegetables; dairy products, beef, pork, poultry and eggs.
Import Commodities: Machinery and transportation equipment, petroleum products, motor vehicles, iron and steel, resins and plastics.
Export Commodities: Tea, horticultural products, coffee, petroleum products, fish and cement.
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