CBK blames high State spending and speculators for Kenya shilling’s woes

Dr Patrick Njoroge, CBK Governor during the press briefing at his office in Nairobi. [PHOTO: PIUS CHERUIYOT/STANDARD]

NAIROBI: Central Bank of Kenya Governor Patrick Njoroge has hit out at speculators and the unco-ordinated spending of the Treasury for the volatility of the shilling.

Heavy budgetary expenditure on big infrastructure projects such as the multi-billion standard gauge railway, he reckons, has strained the shilling, diluting any steps taken by the CBK to stem any further weakening.