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Business

Kenya's central bank says no target rate for the shilling

NAIROBI: Kenya's central bank does not have a target rate for the shilling, its governor said on Thursday, after a fall

July 25, 2019

NAIROBI: Kenya's central bank does not have a target rate for the shilling, its governor said on Thursday, after a fall in the currency's value due to jitters over a power vacuum at the finance ministry.

"We don't target a rate, neither today, or for December," Patrick Njoroge told a news conference.

The shilling has lost 0.8 percent against the dollar this week to trade at 104.05/20 per on Thursday, its lowest level in almost two years.

Traders said the fall was caused by uncertainty over Monday's announcement that the finance minister would be charged with graft.

Copyright Reuters, 2019