Home Markets Banks’ hand in fall of shilling as market starved of the dollar

Banks’ hand in fall of shilling as market starved of the dollar

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Central Bank of Kenya Governor Patrick Njoroge holds the new 1000 shilling note with the old note during the media briefing on the new currencies notes [David Gichuru, Standard]

“Thanks to your hard work and commitment, our shilling has remained fairly stable and competitive.”

Central Bank of Kenya (CBK) Governor Patrick Njoroge must have been flattered by these words by President Uhuru Kenyatta.

But anyone who has been tracking the performance of the shilling against the major world currencies over the last four months would remember the president’s words with nostalgia.

His remarks came on December 11, 2018 at a time when the possibility of a virus casting a dark spell on the global economy and crashing financial markets only existed in the realm of science fiction.

At the time, the local currency had a good run against the dollar, trading at between 100 and 103 units since June…

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