- Kenya's economy is expected to grow at a 5.8% annual pace in 2023, down from a 6.1% annual rate previously predicted.
- The president of Kenya noted that his administration was collaborating with Kenya’s Central Bank to reactivate the interbank foreign currency market.
- The bank's foreign exchange reserves, which now stand at $6.4 billion, or 3.6 months of import cover, are expected to climb by $1.4 billion by the end of April.
Kenya's economy is likely to develop at a 5.8% annual rate in 2023, down from a 6.1% annual rate originally forecast, according to Central Bank Governor Patrick Njoroge on Thursday.
Kenya, like the rest of the area, is recovering from the region's worst drought in four decades. It has also experienced an increase in the pricing of basic goods, as well as the impacts of a weaker currency and a large public debt load, as reported by the American news agency Reuters.
"We scaled down agricultural growth which has brought down our projection for overall growth in 2023," Njoroge told a news conference.