THE EFFECTS OF KENYA SUPREME COURT JUDGEMENT ON THE ECONOMY
Just an hour after the Kenya Supreme Court announced its decision to nullify the presidential elections to a packed court room, the Kenya shilling is reported to have fallen by 0.32 per cent.
Across town, at the Nairobi Securities Exchange (NSE) there was panic. Foreign investors were quickly making panicky transactions.
The SABC News reported that the markets lost USD$484 million in less than 10 minutes after the decision was announced by the Supreme Court. Aly Khan Satchu is the main proponent of this narrative of the economy losing plenty of money as a result of the historical decision by the highest court in Kenya.
Economist Kwame Owino, the CEO of Institute of Economic Affairs Kenya through a tweet expressed his suspicion that the people supporting this narrative are serving the interest of someone else. In fact, the Bloomberg called the effect on the economy as “turmoil.” I guess this was too strong.
The Nairobi Securities Exchange suspended trading between 12.30 and 1 PM in accordance with the trading rules. This is a reflection of the reported panic.
The Economist USA report positively about the Supreme Court Judgement. They reported that this was a bold and just decision. Take a look at the extract below which was shared by Bonface Mwangi on social media. The statement actually challenges America to declare that USA’s elections was interfered with by Russians.
Kenya is peaceful despite the fact that the country is going for fresh presidential elections despite uninformed reports by the international media outlets.
LET’S PREACH PEACE AT ALL TIMES.