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Equity Group Chief Executive James Mwangi says Kenya has built resilience in the micro economic environment and is prepared for any shocks that will be felt after the decision/FILE

Kenya

Expect volatility in the money market after Brexit – experts

The value of imports in 2015 was at Sh43 billion down from Sh47 billion recorded in 2014, in 2011 stood at Sh43 billion, 2012 at 43.8 billion and 2013 at Sh49 billion.

Equity Group Chief Executive James Mwangi says Kenya has built resilience in the micro economic environment and is prepared for any shocks that will be felt after the decision.

“The Kenyan economy is increasingly becoming resilient driven by a heavily diversified economy. Britain is a very small portion of our global trade, our global trade is heavily between Uganda and Tanzania at 42 per cent so we are safe,” Mwangi told Capital FM Business.

He says Kenya will only face ramifications in form of exchange rate turbulence.

“The shocks transmitted in the exchange rate will affect Kenya but will be mitigated as Kenya has the historically best import cover of five months,” he added.

Further Kenya has an IMF standby facility worth about $1.5 billion, which can be drawn on, if the East African nation faces unforeseen shocks.

The Irish Ambassador Vincent O’Neill says the United Kingdom is an important economy to Ireland and the country will support Britain through the negotiations to exit.

He raised concerns of the volatile Sterling pound which he notes if it falls will affect the country’s exports and hopes that the exit does not negatively impact peace and stability in the Northern Ireland.

‘We will maintain and deepen support bilateral and political links, the UK exports more to Ireland than to China and Brazil combined, after UK exit rules of trade are going to be restructured as well as trading arrangements we will work with EU member states,” O’Neill told Capital FM Business.

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