But even Njoroge knows that the war might not be necessarily won by punishing real or implied wrongdoings by foreign exchange traders. And back in 2008, the euro, at 41 per cent, dominated the country’s foreign currency debt portfolio. It threatens to loosen Njoroge’s grip on the foreign exchange market. Njoroge himself noted that although the foreign exchange market has remained fairly balanced, it has also seen some volatility. Additionally, Kenya’s reserve of foreign currency at the IMF has been doubled to Sh75 billion, boosting the country’s external position.

Source: Standard Digital April 14, 2020 05:37 UTC