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US rate hike inflicts pain on Kenyan investors, firms
Securities trader Mbuthia Irungu at Nairobi Securities Exchange (NSE) trading floor at the Exchange building in Nairobi on August 26, 2020. PHOTO | SALATON NJAU | NMG
Aggressive interest rate rises by major central banks in the developed world are causing pain to Kenya’s businesses, households and investors through costly loans, losses at the Nairobi bourse and weakened shilling.
The market outlook turned gloomier this week after the Bank of England and the Swiss National Bank followed the US Federal Reserve in pushing up interest rates to tackle soaring inflation.
