Business, Legal & Accounting Glossary
KES is the three-character currency abbreviation for the Kenya Shilling based on the ISO-4217 standard codes. KES is the official currency of the Republic of Kenya. The Kenyan shilling replaced the East African shilling in 1966. The Central Bank of Kenya is the government institution that issues the KES. The KES divides into smaller units called cents. One hundred cents make one Kenya Shilling. Coins are issued in 50 cent and 1 shilling in brass and bimetallic 5, 10 and 20 shillings. Banknotes issued are 50, 100, 200, 500, and 1000 shilling denominations. The KES is considered a minor currency and is not actively traded in the international currency markets. The value of the KES floats, meaning that market forces determine the value of the KES. The approximate conversion value (in late 2005) for the KES in US dollars is KES 70+ to USD 1.
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This glossary post was last updated: 10th February, 2020 | 0 Views.