Kenya’s central bank governor not worried about FX market

Adds quote, annual economic growth

NAIROBI, January 27 (Reuters)Central bank of Kenya not worried about shilling performance KES= as there was little volatility in the forex market, its governor said on Thursday, after the currency hit an all-time low of 113.55/75 earlier this month.

Governor Patrick Njoroge said the long-term situation showed there was not much volatility in the exchange rate.

“The markets have done well and so there is no concern about the performance of the shilling or for that matter the performance of the foreign exchange market,” Njoroge told a news conference.

The shilling depreciated 3.6% last year, Njoroge said, contrasting its relative stability with other African currencies like the Zambian kwacha, which strengthened by more than a quarter, and the birr. Ethiopian, which has weakened by a fifth.

Kenya‘s economy grew by 8.0% after rebounding from the COVID-19 pandemic crisis, the central banker said, adding that growth will still be strong this year at 5.9%.

(Reporting by Duncan Miriri; Editing by Andrew Cawthorne)

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