Kenya Central Bank Wipes Out Excess Money In Circulation


more about geneva;”>sickness sans-serif; color: #222222;”>Local unit traded at Ksh.87.30/50 against the dollar marking the third day running that it has gained marginally since its Friday opening at Ksh.87.40/80 to the currency.
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“At this rate, the shilling might possibly hit the Ksh.88 mark owing to the pre-election jitters as is usually the case during a General Election,” said Duncan Kinuthia, Head of Trading Central Bank of Africa.

Mr. Kinuthia said that CBK will have to continue making short-term calls and interventions so that the currency remains within controllable margins when the market fundamentals of normal demand and supply of the shilling are achieved – possibly after the March 4 elections.

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