Kenyan Shilling Hit As Finance Minister Removed

The Kenyan shilling dropped to an almost two year low this week following the arrest of the country’s minister of finance Henry Rotich for fraud and abuse of office earlier this week. 

Labour minister Ukur Yatani has since been appointed to the position.

Meanwhile, despite concerns that Rotich’s arrest could damage the country’s international reputation among investors Kenya’s central bank governor Patrick Njoroge this week projected a growth rate of 6% for 2019.

Mr Njoroge also confirmed that the bank’s benchmark lending rate of nine per cent would be held for the seventh time, while the bank remains.

“However, there is need to be vigilant on the possible effects of the recent increases in fuel prices, the ongoing demonetisation, and the increased uncertainties in the external environment,” he noted.