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Eyes on shilling as IMF cushion ends Friday
Withdrawal of the facility leaves foreign reserves as the only buffer available to the CBK to protect the shilling in the currency market. PHOTO | FILE | NMG
The shilling could be left exposed to the turbulence of foreign exchange markets and global economic shocks should the International Monetary Fund (IMF) terminate Nairobi’s access to a Sh152 billion ($1.5 billion) precautionary facility that expires in four days.
The IMF in mid-March approved a six-month extension of the forex insurance programme with Kenya, which was due to expire in March.
