The Kenyan Shilling now ranked as the best-performing currency in Sub-Saharan Africa! Is there something RUTO is doing?

Friday, April 12, 2024 - The World Bank has ranked the Kenya Shilling as the best-performing currency in sub-Saharan Africa.

The report by the Bank attributed this to the hike in the base lending rate by the Central Bank of Kenya (CBK).

The World Bank report also projected that Kenya's economy will grow by 5% in 2024

"The Kenyan shilling is the best-performing currency in the subcontinent, as it recorded an appreciation of 16% so far this year.”

“After strengthening by 14% by mid-February, the Zambian kwacha has lost some ground and recorded a year-to-date appreciation of 2.4% as of mid-March.”

“In both cases, the monetary authority hiked interest rates to defend their currencies.”

“In Kenya, securing funds to repay its Eurobond falling due in June 2024 restored confidence and increased the demand for local currency," the World Bank stated.

Last month, the Central Bank of Kenya (CBK) announced during the Monetary Policy Committee (MPC) meeting that it will maintain its base lending rate at 13%.

According to the statement released by the CBK, the monetary policy committee cited the appreciating value of the Kenyan shilling, among other factors.

Since the Monetary Policy Committee (MPC) meeting in April, Kenya’s stock market has improved from the worst to the best.

According to experts, more investors currently prefer Kenyan shilling-denominated investments because the high base lending rate means more interest.

The Kenyan DAILY POST