Meanwhile, Kenya’s Central Bank Governor Thugge commented on the shilling’s depreciation, suggesting it was excessive and not reflective of the country’s macroeconomic fundamentals. Following a surprise interest rate hike to 13%, Thugge anticipates support for the shilling from various sources, including loan disbursements from the IMF and World Bank and portfolio inflows. He also mentioned Kenya’s expected return to international capital markets as a positive development for the currency.