Kenya’s monetary sector stays secure and resilient to COVID-19 pandemic shocks on the backdrop of sturdy efficiency, sturdy regulatory oversight, the Central Bank of Kenya mentioned in its Financial Stability Report for 2020, which was launched on Wednesday.
However, the financial institution famous that regardless of the resilience, there have been new pandemic-related rising dangers that embrace elevated fraud, cyber assaults, and information privateness considerations as banks undertake digital expertise.
“Echoes of economic slowdown as COVID-19 pandemic persists, rising public debt, elevated credit risks amid weak earning capacity, weak balance sheets for listed corporates, corporate governance challenges, and election cycle fevers remain areas for monitoring in 2021, and beyond,” mentioned the apex financial institution.
The financial institution additional famous that the Kenyan economic system faces numerous dangers that embrace rising public debt, COVID-19 pandemic uncertainties and 2022 General Election disruption. Enditem