Kenya’s monetary sector stays steady and resistant to COVID-19 pandemic shocks on the background of strong efficiency, robust regulative oversight, the Central Bank of Kenya stated in its Financial Stability Report for 2020, which was launched on Wednesday.
However, the bank kept in mind that in spite of the strength, there have actually been brand-new pandemic-related emerging dangers that consist of increased scams, cyber attacks, and information personal privacy issues as banks embrace digital innovation.
“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,” stated the pinnacle bank.
The bank even more kept in mind that the Kenyan economy deals with numerous dangers that consist of increasing public financial obligation, COVID-19 pandemic unpredictabilities and 2022 General Election disturbance. Enditem