CBK Governor sees Strong Growth Prospects
10 September 2019Read more
Central Bank of Kenya Governor Patrick Njoroge says that the Kenya economy is on a firm upward trajectory with gains seen in tourism, manufacturing, agriculture and services. He also said credit was inching up, boosting small businesses.
Mr. Njoroge visited the Kenya High Commission London this week and briefed High Commissioner Manoah Esipisu as part of Information sharing in order that Kenyans in the diaspora know the state of the economy and opportunities available to them.
Governor Njoroge reported that investors and markets were reacting positively to the war on graft, citing a number of recent high profile cases in court.
The demonitisation process was currently underway and a campaign asking all Kenyans to return the old 1,000-deniminated currency notes, which will cease to be legal tender on 1st October, 2019, was bearing fruit.
CBK has put in place strict anti-money laundering measures and was working in concert with the central banks in a host of countries, including Uganda, Tanzania, South Africa, Democratic Republic of Congo, United Arab Emirates, India, and Sri Lanka.
Governor Njoroge singled tourism - with the fabled Masai Mara heavily booked - Agriculture, which has also been improving and is predictably going to steadily grow due to the heavy rains being experienced as areas providing growth.
The balance of payments is also doing very well as the country implements its flexible exchange rate regime.
The manufacturing sector is strengthening much faster than expected, he said.
The Governor spoke at the School of Oriental Studies of the University of London when he stopped over last week, and is due to hold interviews with top UK publications this week when he stops over on his way back home.