Top Banker Says Kenya Shilling’s Weakening Has Peaked

The head of Kenya’s largest bank by market value said the depreciation of the East African country’s currency, which has weakened almost 20% against the dollar this year, has peaked.

“We seem to have reached the peak,” Equity Group Holdings Plc Chief Executive Officer James Mwangi said in an interview with Bloomberg TV. “We have seen that the depreciation of the Kenyan shilling has stepped down, not as aggressive as it was. But it is still at an elevated level.”