Kenya Avoids Brexit Moment as Markets Disregard Doomsayers
- Bank shares recover, stock market attracts ‘bargain hunters’
- Returns for investors are higher than elsewhere: Njoroge
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It was described as Kenya’s Brexit moment, a decision that had the potential to spur a withdrawal of foreign investors, sending the stock market and the shilling tumbling and damaging East Africa’s most-developed economy.
Yet, almost six weeks after Kenya capped banks’ lending rates at four percentage points above the central bank benchmark, its currency is little changed against the dollar and the main stock index has gained on 14 of the past 17 days.