Imports will rise: CBK governor Thugge explains impact of strong shilling
==========
Central Bank of Kenya Governor Kamau Thugge projects a rise in imports on the back of a strong shilling. Thugge expects imports to grow by 11% from KSh 2.2 trillion in 2023 to KSh 2.48 trillion in 2024. The appreciation of the shilling is expected to dent Kenya's exports as local goods become more expensive. However, the stronger shilling could benefit Uganda by making Kenyan goods and services more affordable, potentially strengthening trade ties between the two countries. The Kenyan shilling has been on an upward trajectory against the US dollar and other currencies since Kenya settled the Eurobond debt. The rise in imports may put new pressure on the shilling as the demand for dollars increases. Thugge admits that the country has been trying to maintain an artificially strong exchange rate and that the shilling is now finding its true value. The Kenyan shilling has emerged as a top-performing currency globally, surpassing many counterparts including the British Pound.
#CentralBankOfKenya #KamauThugge #Imports #Shilling #Exports #Kenya #Uganda #Trade #CurrencyExchange
https://www.tuko.co.ke/business-economy/544163-central-bank-kenya-governor-kamau-thugge-projects-rise-imports-strong-shilling/
Tuko.co.ke /
npub15yg…zncw
2024-04-09 09:33:34
Author Public Key
npub15ygdhawp2prr6xlzleujfs0hy9g3yvzgzv6pj49afh5sf5q8tfcqdjzncwPublished at
2024-04-09 09:33:34Event JSON
{
"id": "47e1ae0e333d10114d76298f4aff4947c2c6252d78bcf78fabbd1ab2d543c109",
"pubkey": "a110dbf5c150463d1be2fe7924c1f7215112304813341954bd4de904d0075a70",
"created_at": 1712648014,
"kind": 1,
"tags": [],
"content": "Imports will rise: CBK governor Thugge explains impact of strong shilling\n==========\n\nCentral Bank of Kenya Governor Kamau Thugge projects a rise in imports on the back of a strong shilling. Thugge expects imports to grow by 11% from KSh 2.2 trillion in 2023 to KSh 2.48 trillion in 2024. The appreciation of the shilling is expected to dent Kenya's exports as local goods become more expensive. However, the stronger shilling could benefit Uganda by making Kenyan goods and services more affordable, potentially strengthening trade ties between the two countries. The Kenyan shilling has been on an upward trajectory against the US dollar and other currencies since Kenya settled the Eurobond debt. The rise in imports may put new pressure on the shilling as the demand for dollars increases. Thugge admits that the country has been trying to maintain an artificially strong exchange rate and that the shilling is now finding its true value. The Kenyan shilling has emerged as a top-performing currency globally, surpassing many counterparts including the British Pound.\n\n#CentralBankOfKenya #KamauThugge #Imports #Shilling #Exports #Kenya #Uganda #Trade #CurrencyExchange\n\nhttps://www.tuko.co.ke/business-economy/544163-central-bank-kenya-governor-kamau-thugge-projects-rise-imports-strong-shilling/",
"sig": "460a2fe009ddc4cacb916a87bb122d3d2c4c435d04618a0a892b53c30a09a4fa7b7796378ca7d1126fa2a07fa38eeab07e76bf9f2282b0d3f65553e9f8985d91"
}