April 30, 2020 / 9:20 AM / a month ago

Kenya's central bank has no target for shilling exchange rate - governor

NAIROBI, April 30 (Reuters) - Kenya’s central bank has no target for the shilling exchange rate and only intervenes in the market to smooth out volatility, its governor said on Thursday.

“We do not have a target, we do not have a direction,” Patrick Njoroge told an online news conference. “It is the volatility that we go after.”

On Wednesday the bank’s monetary policy cut its benchmark lending rate to 7.0% from 7.25%, saying measures to tackle the impact of the coronavirus were having an effect but that it needed to do more due to the adverse economic outlook. (Reporting by George Obulutsa; writing by Omar Mohammed Editing by Gareth Jones)

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