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Kenya Plans to Use Foreign Currency in Bond Market

Kenya Plans to Use Foreign Currency in Bond Market

Photo from The Star


One of Kenya's government official of Capital Markets Authority said, Kenya is seeking for foreign currencies for bond purchase.

This will not only boost uptake of products offered at the Nairobi Securities Exchange by foreign investors, but may create a leeway for Kenyans living abroad to invest in the capital markets with much more ease.

Products offered at the NSE are currently only offered in Kenyan Shillings.

"When you issue, say, a Dollar denominated bond, you will expect more than 78 percent will be foreign investors so we are looking at attracting foreign capital," assistant manager for strategy and policy at CMA Jairus Muaka said.

In a policy roundtable forum, Muaka said the proposal to have foreigners trade with local bonds using their home currency was introduced in November last year and was still being reviewed by the Central Bank of Kenya to fully understand its impact to the economy.

"Central Bank is still reviewing what impact adjusting the payment system to accommodate foreign currencies will have on the shilling and in turn on the country's economy," Muaka said, adding that the government’s fiscal agent was not opposed to the idea.

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