Political uncertainty is high in Kenya following the annulment of the August presidential elections, but political and judicial institutions have emerged stronger in the process, CBK has said. But Railawithdrew last week, throwing East Africa's largest economy - a stable Western ally in a tumultuous region - deeper into uncertainty. Asked about the economic impact of the current situation, Njoroge said that the central bank was in the process of revising down its growth forecast. Asked about the performance of the Kenyan shilling, Njoroge said the central bank was committed to the flexible exchange rate policy, but had smoothened out excess volatility. While the shilling has come under some pressure now and then, it has stayed fairly rangebound since mid-August, with market participants pointing to central bank intervention.

Source: The Star October 18, 2017 15:45 UTC