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Brexit Kenya central bank ready to 'intervene'

The Kenya central bank has said it will intervene if Brexit caused instability

  • Published:

Following a historic referendum by the United Kingdom to leave the European Union, the Kenya central bank says it is ready to 'intervene' if Brexit decision caused instability.

In a series of tweets, the bank said:

"News reports this morning are predicting the outcome of yesterday's UK referendum-Brexit- to leave the European Union.

 

"CBK stands ready to intervene in the money and forex exchange markets to ensure their smooth operation. AfterBrexit

 

"Other major central banks have also announced their readiness to intervene to minimize disruption in their markets. AfterBrexit"

 

Britain is Kenya's third largest export market and an ally.

The markets reacted sharply to news that the UK is leaving the EU with the British pound plummeting to its lowest  since 1985. The pound plunged 10 percent.

Stock markets from Tokyo to London collapsed on Friday following the vote.

The euro also dropped to 1.10 against the dollar as compared to 1.13 on Thursday.

On Thursday, Britain voted to leave the European Union.

The Leave supporters won by 52%.

England and Wales voted massively for Brexit while London , Scotland and Northern Ireland voted strongly for Bremain.

UKIP leader Nigel Farage a strong advocate of Brexit hailed the results and called it "independence day" for the UK but Bremain supports have called the decision a "catastrophe".

British Prime Minister David Cameron said the choice of the people will be respected and announced his intention to resign after the referendum results.

In announcing his resignation, David Cameron said "The country needs a new leadership" , but also added that he would remain in office until October 2016 to ensure that Britain transitions smoothly into her new state as an independent and EU-free country. 

UK slammed the door on the European Union at the end of a Thursday evening referendum with 51.9% of votes (17,410,742) in favor of leaving the EU. The historic Brexit vote has seen some dim consequences for Britain despite having been cast just hours ago. The UK pound has reported hit an all-time low that had never been experienced since 1988. The surprise result will rattle Europe and shape the nation’s place in the world for years to come. 

The referendum followed months of campaign for and against the motion.

 

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