RUTO LAUDS CBK FOR STABILIZING ECONOMY
“Having secured this foundation of stability, it is now time to translate it into tangible benefits for ordinary Kenyans,” he said.
Photo: Courtesy.
By Robert Mutasi
President William Ruto has lauded the Central Bank of Kenya (CBK) for safeguarding the stability of the country’s financial system and steering the economy through periods of volatility.
Speaking during the 60th anniversary celebrations of the Central Bank of Kenya at the Institute of Monetary Studies in Nairobi, President Ruto said the CBK’s work is now reflected in key economic indicators.
“The Central Bank of Kenya has done an exceptional job of safeguarding the stability of our financial system and steering the economy through the volatility and pressures we have experienced at one time or another,” the President said.
He cited a more stable exchange rate, with the Kenya Shilling trading at about KSh129 to the US dollar, inflation moderating to 6.6 per cent in August, and foreign exchange reserves reaching a historic high of $15.25 billion.
President Ruto said having secured macroeconomic stability, focus must now shift to translating the gains into tangible benefits for ordinary Kenyans.
“Having secured this foundation of stability, it is now time to translate it into tangible benefits for ordinary Kenyans,” he said.
He challenged the banking sector to make credit more affordable and accessible.
“Our banking sector must respond by making credit more affordable and accessible so that households can invest, businesses can expand, jobs can be created and our economy can grow,” President Ruto said.
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