Kenyan central bank defends depreciating shilling
The Central Bank of Kenya today insisted that its currency, the Kenyan shilling, is neither under- nor over-valued and does not warrant any major intervention beyond its standard operations.
It released the statement in response to suggestions in the local media that the currency's depreciation – the shilling has fallen by 4.4% against the US dollar in the past three months – was damaging the economy.
The central bank operates within a framework of a freely floating exchange rate regime, and it
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