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Kenyan central bank governor says weakening of shilling not an issue

NAIROBI – Kenya’s central bank governor said on Thursday that the recent downward movement of the shilling was not an issue.

Commercial banks quoted the shilling at 101.65/85 per dollar a 0937 GMT, compared with Wednesday’s close of 101.80/102.00.

It closed on June 3 at 101.20/40.

“The movement it has had over the last few weeks is not an issue,” Patrick Njoroge told a news conference, adding the bank held its highest ever level of foreign exchange reserves.

“We have the firepower to deal with any eventuality and more,” he said.

The government announced this month that it would retire an old version of the 1,000-shilling note in October as a first step in tackling an upsurge of suspicious transactions in the financial sector.

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