Kenya's central bank chief has said that the country's currency, currently trading at record lows, has been overvalued for several years. 'I think for several years now we have had an overvalued exchange rate,' Central Bank of Kenya governor Kamau Thugge told a parliamentary committee on Tuesday.
Kenya's central bank chief has said that the country's currency, currently trading at record lows, has been overvalued for several years.
"I think for several years now we have had an overvalued exchange rate," Central Bank of Kenya governor Kamau Thugge told a parliamentary committee on Tuesday."We tried to maintain a fairly artificially strong exchange rate but also at a cost of a loss of international reserves," said Thugge, who took office in June this year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kenya: Central Bank Boss Says Shilling Has Been 'Artificially Strong'The Central Bank of Kenya (CBK) Governor, Kamau Thugge, has said that the Kenyan shilling has for a while been 'artificially strong'.
Read more »
Kenya: UK Royals Celebrate Strong Kenya Ties Ahead of VisitKing Charles III and Queen Camilla of the United Kingdom have expressed their deep appreciation for the warm and enduring relationship with Kenya during a reception held at Buckingham Palace.
Read more »
Kenya: EACC Warns State Officers Who Fail to Declare Foreign Bank Accounts of Stiff PenaltiesThe Ethics and Anti-Corruption Commission (EACC) has raised concerns about the failure of State and Public Officers to declare ownership of bank accounts outside Kenya and their subsequent financial annual statements.
Read more »
Central African Republic: Sexual Violence in Central African Republic Is a Public Health EmergencyPress Release - Bangui, Central African Republic - Between 2018 and 2022, Médecins Sans Frontières (MSF) treated more than 19,500 survivors of sexual violence in the Central African Republic (CAR), nearly 60 per cent of the total number of people who received treatment for sexual violence in the country over that period.
Read more »
Will central bank digital cash ever take off in SA?Michail le Roux of Hanekom Attorneys says central bank digital currencies (CBDCs) are coming and that fears of a snooping state examining all our transactions are overblown. Plus the prospects of voting by cellphone in the future, using blockchain technology to stop the cheats.
Read more »
South African central bank deputy governor Naidoo asks to resignKuben Naidoo, one of the deputy governors of South Africa's central bank, has asked to resign from his position, President Cyril Ramaphosa's spokesperson said on Monday.
Read more »