NAIROBI: Kenya's central bank was unconcerned by the performance of the shilling as there was little volatility in the foreign exchange market, its governor said on Thursday after the currency hit an all time low of 113.55/75 earlier this month.
Governor Patrick Njoroge said the long-term picture showed there was not much volatility in the foreign exchange rate.
"Markets were well behaved and therefore there are no concerns about the performance of the shilling or for that matter the performance of the FX market," Njoroge told a news conference.
The shilling depreciated by 3.6% last year, Njoroge said, contrasting its relative stability with other African currencies like the Zambian kwacha, which strengthened by more than a quarter, and the Ethiopian birr, which weakened by a fifth.
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Kenya's economy grew by 8.0% as it bounced back from the COVID-19 pandemic slump, the central banker said, adding that growth will still be strong this year at 5.9%.
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