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CBK boss on why Kenya is losing edge in EAC
Central Bank Governor Kamau Thugge responds to a question during a meeting with the Finance and National Planning Committee led by Kimani Kuria at English Point Marina in Mombasa on November 10, 2023. PHOTO | WACHIRA MWANGI | NMG
The Central Bank of Kenya (CBK) has blamed Kenya’s weakening competitiveness compared to her East African neighbours over the past decade on a lag in foreign direct investment, which has contributed to the free fall of the shilling.
The regulator on Wednesday published comparative data for Kenya, Uganda and Tanzania covering various measures and ratios such as the current account, exports-to-GDP, travel receipts, FDI and debt service, which show that Kenya’s position has deteriorated consistently compared to those of her EAC neighbours.
