Kenya Bankers Association Marvels At Gains Of The Shilling

Nairobi, Kenya, Feb 16-The Kenya Bankers Association (KBA) have marveled at the strengthening of the shilling, adding that it paints a positive outlook for the country.

KBA chairperson John Gachora in a statement maintained that the move is a testament to the growing confidence in Kenya’s macro-economic performance as well as its outlook.

“These developments are commendable, and as the KBA fraternity, we salute the Government of Kenya and the Central Bank of Kenya for their economic stewardship through a tumultuous time in the country’s economic history. We also commend our customers and local bank depositors for their confidence and commitment to invest in the local market,” said Gachora.

He added that KBA we will continue to engage with the Government in a bid to foster a more conducive business environment in the country. As at yesterday, the dollar buying and selling rates printed at an average price of Ksh135 and Ksh148 respectively.

READ: Britam Unveils Networking Platform To Empower MSMEs In Kenya

The dramatic appreciation of the Kenyan currency against the USD comes after the state got $1.5 billion to repay the previous Eurobond that matures on June 24, 2024.

The buyback of part of Europe has eased fears among investors, attracting investment into the country.
Likewise, the Board of the International Monetary Fund (IMF) has approved $942.2 million for Kenya under the Extended Fund Facility (EFF) as well as the Extended Credit Facility (ECF). Immediately, Kenya accessed $624.5 million from the facility.