Kenya has enough \u200bforeign exchange reserves to manage any volatility \u200cin the shilling exchange rate, its central bank governor said on Thursday, after the local currency came under \u200bmoderate pressure due to the Iran war.<\/p>\n
Governor \u200bKamau Thugge said reserves stood at more \u2060than $13 billion, enough to meet any issues \u200blinked to the Middle East conflict, including slower \u200bexport growth, lower remittances and reduced tourism receipts.<\/p>\n
“We have strengthened our buffers. We were waiting for this kind of \u200bshock. That is why we built up \u200bour reserves to the level where they are now,” Thugge \u200ctold \u2060a news conference, the day after the central bank\u00a0kept its key lending rate unchanged.<\/p>\n
The shilling weakened about 0.7% against the dollar in March, after \u200bthe U.S. \u200band Israel \u2060launched strikes on Iran, prompting Tehran to retaliate.<\/p>\n
It recovered most of those \u200blosses on Wednesday, after U.S. President \u200bDonald \u2060Trump announced a two-week ceasefire with Iran.<\/p>\n
The Central Bank of Kenya paused its rate-cutting cycle to \u2060monitor \u200bsecond-round effects from the surge \u200bin global energy prices triggered by the Iran conflict.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kenya has enough \u200bforeign exchange reserves to manage any volatility \u200cin the shilling exchange rate, its central bank governor said on Thursday, after the local currency came under \u200bmoderate pressure due to the Iran war. Governor \u200bKamau Thugge said reserves stood at more \u2060than $13 billion, enough to meet any issues \u200blinked to the Middle […]<\/p>\n","protected":false},"author":6,"featured_media":9101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":8,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[29,2831],"tags":[111],"class_list":["post-20467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-africa","category-energy","tag-kenya"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=20467"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20467\/revisions"}],"predecessor-version":[{"id":20468,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20467\/revisions\/20468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9101"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=20467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=20467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=20467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}