Central Bank of Kenya backs up talk with currency intervention

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

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