According to a recent financial repoort, Kenya has been ranked the third best financial market in Africa, following Botswana and South Africa.
Kenya business has jumped two places from position five last year according to Absa Africa Financial Markets Index 2018.
Kenya scored the highest (93 out of 100 points) on “access to foreign exchange pillar,” beating South Africa to the top position in the report that was prepared by Absa Group and Official Monetary and Financial Institutions Forum (OMFIF).
“Kenya earns the highest marks in this pillar, a major significant improvement from ranking sixth last year. The relaxation of capital controls boosted its performance, as did improvement of the country’s net portfolio flows to reserves ratio,” says the report.
It is followed by South Africa (91) Uganda (83), Botswana (79) and Zambia at 77 points in the pillar whose ranking looks at interbank market foreign exchange turnover, foreign exchange capital controls and frequency of official exchange rate reporting.
Kenya is among the top five markets with strong legal and enforcement frameworks that support financial agreements to provide attractive opportunities to international investors.