NAIROBI, June 23 – Kenya’s central bank has taken unspecified action against some commercial banks to curb speculative positions versus the currency of east Africa’s largest economy, its governor said on Thursday.
The shilling hit a new low against the dollar of 91.90 on Wednesday but recovered on Thursday to end at 90.1 after a report the central bank would take steps to stem the trades.
“We have taken action on them and we cannot talk about what action we have taken because it’s regulatory. We have taken proper action on them, appropriate to the law, and we’ll continuously do that,” Governor Njuguna Ndung’u told a news conference. “We are not afraid to do that again.”
Source: Reuters Africa newsletter
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