The Central Bank of Kenya (CBK) Sunday evening moved to calm nerves in the troubled banking sector with the announcement that it was opening a special window to support small banks in distress because of a confidence crisis arising from last week’s sudden closure of Chase Bank.
Central Bank of Kenya announced in a statement published on April 7 it has placed Chase Bank Ltd under receivership for a year to protect its creditors, depositors and all its clients. “Chase Bank Ltd experienced cash flow difficulties following inaccurate social media reports and the stepping aside of two of its directors. The bank was not able to meet its financial obligations on April 6, 2016,” the Central Bank said in its statement.
Kenya could become the first African country to tap global debt markets this year as it begins a bond roadshow this week, but Eurobond financing is likely to remain out of reach for most of its peers on the continent.
Kenya's central bank left its Central Bank Rate (CBR) unchanged at 11.50 percent to anchor inflation expectations further and enhance the credibility of its policy stance.
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