NCBA Boss Projects Kenya Shilling Will Return to Its True Value: "Somewhere In the Middle"
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The Kenya shilling emerged as a top-performing currency globally in March 2024, beating major currencies. The Central Bank of Kenya attributed this to increased foreign exchange reserves. However, NCBA CEO John Gachora believes the shilling will return to its true value, which is somewhere in the middle between the current rate and the historic low of KSh 160 per US dollar. Gachora stated that the current exchange rate is not in line with market trends and that the inflow of foreign currency through the infrastructure bond has been the main cause for the changing value of the shilling. He warned of an imminent increase in demand that will push the shilling back to its value. Market analysts noted that the continued inflow of foreign currency is the key factor propping up the shilling against the US dollar.
#KenyaShilling #ExchangeRate #Currency #ForeignExchangeReserves #MarketTrends
https://www.tuko.co.ke/business-economy/543095-ncba-boss-projects-kenya-shilling-return-true-somewhere-middle/
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2024-03-29 08:34:59
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2024-03-29 08:34:59Event JSON
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"content": "NCBA Boss Projects Kenya Shilling Will Return to Its True Value: \"Somewhere In the Middle\"\n==========\n\nThe Kenya shilling emerged as a top-performing currency globally in March 2024, beating major currencies. The Central Bank of Kenya attributed this to increased foreign exchange reserves. However, NCBA CEO John Gachora believes the shilling will return to its true value, which is somewhere in the middle between the current rate and the historic low of KSh 160 per US dollar. Gachora stated that the current exchange rate is not in line with market trends and that the inflow of foreign currency through the infrastructure bond has been the main cause for the changing value of the shilling. He warned of an imminent increase in demand that will push the shilling back to its value. Market analysts noted that the continued inflow of foreign currency is the key factor propping up the shilling against the US dollar.\n\n#KenyaShilling #ExchangeRate #Currency #ForeignExchangeReserves #MarketTrends\n\nhttps://www.tuko.co.ke/business-economy/543095-ncba-boss-projects-kenya-shilling-return-true-somewhere-middle/",
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