Alleastafrica
All East Africa - Latest NewsHEADLINESKENYA

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.

Related posts

UNHCR says One million children fled South Sudan Violence

NewsDesk

Ethiopia unrest worries foreign investors

NewsDesk

High hopes in Kenya as govt set to train sign language providers 

Newsroom

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More