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The (Bloomberg) According to Kenya's central bank chief, emerging markets have become "collateral damage" in rich countries' aggressive interest-rate hike cycles. Failure to take into account and handle the spillover impacts will have expensive spillback implications.
Patrick Njoroge, governor of the Central Bank of Kenya, stated in an interview with The Washington Post on Thursday that "it is very, very tough for emerging economies — I don't think there is that appreciation." He said, "You're truly collateral damage if you're barred from the capital markets because of other people's acts," and he added that this is "punishing those who are the innocent bystanders."
This week, the IMF is hosting its annual meetings, bringing leaders from the worlds of banking, finance, and central banking to the US capital at a precarious time for the world economy. The Group of 20 forum of nations, which includes the biggest economies in the world, is one of the major events taking place on Thursday.
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