Kenya goes for local currency syndicated bonds to check public debt

The National Treasury said the bonds would cushion Kenya's debt from foreign currency depreciations. [File, Standard]

Kenya's National Treasury said Wednesday that it intends to issue syndicated bonds in local currency in the financial year 2023/2024 as it explores new ways to raise money to finance the country's 3.6 trillion shillings (about 28.56 billion U.S. dollars) budget.

The Treasury said in its debt management strategy that the bonds would not only help raise more resources but also cushion the country's debt from foreign currency depreciations.