NAIROBI, Sept 29 – Kenya formed a team of key officials on Thursday to halt the slide in the shilling and will unveil new measures early next week, the latest move to try and restore confidence in the east African country’s ailing currency.
Prime Minister Raila Odinga’s office said in a statement that efforts by the Central Bank of Kenya had not been sufficient to stop the rot and further action was needed.
The shilling is the world’s second worst performing currency in 2011 after being battered by double-digit inflation, investor aversion to riskier assets in emerging markets and a loss of confidence in central bank policies.
Source: Reuters Africa newsletter
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