You haven’t seen anything yet, prepare yourselves for a serious economic crisis! CBK Governor PATRICK NJOROGE delivers disturbing news to hustlers

 

Friday, November 11, 2022 – The Government of President William Ruto has urged Kenyans to fasten their belts because the worst is yet to come.

In a statement, Ruto, through the Central Bank of Kenya (CBK), urged Kenyans to brace themselves for an economic crisis. 

CBK Governor Patrick Njoroge attributed the impending crisis to rising interest rates in the US which saw the dollar gain strength over other currencies.

With the Kenyan currency weakening, Njoroge explained the country may default on its loan, thus hurting the economy immensely.

“Further, with the resultant flight of capital to the safety of the US dollar, financing from the global capital markets has dried up for Emerging Markets and Developing Economies (EMDEs) and particularly for the frontier economies,” the governor wrote.

“This has made it difficult to close the fiscal and external financing gaps in those countries,” Njoroge explained further.