Kenya’s economy is now stable after tumultuous years – CBK Governor KAMAU THUGGE says


Wednesday, April 17, 2024 - Central Bank of Kenya governor, Kamau Thugge, has said Kenya's economy has stabilised, going by how the Kenyan Shilling has strengthened against the dollar.

As of Wednesday morning, the Kenyan Shilling was trading at 132 units against the greenback.

In an interview with one of the local dailies, Thugge said the performance of Kenya shilling paints the picture of Kenya's breathtaking economic transformation under the Kenya Kwanza administration. 

“The Kenya shilling opened the year 2024 trading at 157.82 and by the close of April 11, 2024, had appreciated by 17.4 percent to the 130.35 level.

The shilling appreciation partly reflects a change of sentiment following the successful Eurobond issuance by Kenya and the accompanying liability management of the maturing $2.0 billion June 2024 Eurobond.

The stronger shilling also reflects the impact of monetary policy measures,” Thugge said.

Thugge also said the country will grow by 5.6 in 2024 and 5.7 in 2025 due to a rebound in the agriculture sector attributed to favourable weather conditions.

“The economy is estimated to have expanded by 5.6 percent in 2023 and is projected to grow by 5.7 percent in 2024, mainly supported by the rebound in the agriculture sector attributed to favourable weather conditions,” Thugge said.


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