The International Monetary Fund (IMF) has backed central banks’ interventions in the foreign exchange market to address fluctuations emerging from financial shocks like increased global volatility and broad US dollar strength.
The multilateral guidance comes amid continued focus on the Central Bank of Kenya (CBK) role in the foreign exchange market as the Kenya shilling marks prolonged resilience even under increased external pressures like the US-Israel war on Iran and a reversal in developed economies' policies where both the US and the EU central banks have raised benchmark rates.
