Central Bank of Kenya backs up talk with currency intervention

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The Central Bank of Kenya

The Central Bank of Kenya was pushed into intervening in foreign exchange markets this week to stem the sharp depreciation of the Kenyan shilling, after a statement insisting that conditions would "normalise" failed to calm markets.

The shilling has proven volatile in the past three years, but has followed a general trend of depreciation against the US dollar. This decline has accelerated in recent weeks, with the exchange rate dropping by around 1.2% since the turn of the month.

This prompted t

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