{"id":1334,"date":"2024-02-16T14:04:04","date_gmt":"2024-02-16T14:04:04","guid":{"rendered":"https:\/\/chezaspin.com\/blog\/index.php\/2024\/02\/16\/bankers-welcome-shilling-appreciation-say-good-for-the-economy\/"},"modified":"2024-02-16T14:04:04","modified_gmt":"2024-02-16T14:04:04","slug":"bankers-welcome-shilling-appreciation-say-good-for-the-economy","status":"publish","type":"post","link":"https:\/\/chezaspin.com\/blog\/bankers-welcome-shilling-appreciation-say-good-for-the-economy\/","title":{"rendered":"Bankers Welcome Shilling Appreciation, Say Good For The Economy"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, Feb 16 \u2013 Bankers have welcomed the recent rallying of the Kenyan shilling against its American counterpart, saying it points to a positive economic outlook for the country.<\/strong><\/p>\n<p>Kenya Bankers Association (KBA) Chairperson John Gachora said in a statement yesterday that the strengthening of the local unit indicates resurgences of confidence among investors in Kenya.<\/p>\n<p>\u201cThese developments are commendable, and as the KBA fraternity, we salute the Government of Kenya and the Central Bank of Kenya for their economic stewardship through a tumultuous time in the country\u2019s economic history,\u201d Gachora said.<\/p>\n<p>\u201cWe also commend our customers and local bank depositors for their confidence and commitment to invest in the local market,\u201d he added.<\/p>\n<p>Gachora, who also dabbles up as NCBA Group MD and CEO, added that the association will continue to engage with the government to foster a more conducive business environment within.<\/p>\n<p>As of yesterday, major banks were buying one dollar for about Sh135 and selling at around Sh148, representing a significant drop from a high of Sh160 per dollar a few days ago.<\/p>\n<p>The dramatic appreciation of the Kenyan currency against the USD came after the state got $1.5 billion to repay the previous Eurobond that matures on June 24, 2024.<\/p>\n<p>The buyback of part of Europe has eased fears among investors, attracting investment into the country.<\/p>\n<p>Likewise, the Board of the International Monetary Fund (IMF) has approved $942.2 million for Kenya under the Extended Fund Facility (EFF) as well as the Extended Credit Facility (ECF).<\/p>\n<p>Immediately, Kenya accessed $624.5 million from the facility.<\/p>","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, Feb 16 \u2013 Bankers have welcomed the recent rallying of the Kenyan shilling against its American counterpart, saying it points to a positive economic outlook for the country. Kenya Bankers Association (KBA) Chairperson John Gachora said in a statement yesterday that the strengthening of the local unit indicates resurgences of confidence among investors [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1334","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/1334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=1334"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/1334\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=1334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=1334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=1334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}