Kenya’s Central Bank Makes Gold Grab—Diversifying Reserves or Doubling Down on Old-School Safe Havens?

Nairobi shakes up monetary policy with surprise bullion play—just as crypto markets hit new highs.

Subheader: The Gold Standard Strikes Back

While DeFi protocols hit $100B TVL, Kenya’s financial brass opts for physical metal vaults. A hedge against inflation? Or institutional FOMO dressed up as prudence?

Closing jab: Because nothing says ’21st century monetary strategy’ like stockpiling the same asset favored by Egyptian pharaohs.

Thugge gave an interview to Bloomberg TV, discussing how a specialized team studying the issue during the IMF and World Bank meetings in Washington. However, no deadline has been provided.

Thugge’s comments came in light of many other central banks around the globe transitioning to gold and the prospects that the Kenya Central Bank has with its gold reserves.

“It’s something we have considered for a while, and we are looking into it,” said the governor.

“We essentially have a task force that is looking into this matter. Of course, this is one of the considerations we are working on. But I wouldn’t want to give a deadline on that.”

He highlighted, “One of the primary factors why we are looking into this avenue is the need to diversify our foreign reserves away from other currencies and capture gold.”

Kenya’s foreign reserves are mostly controlled in US dollars, and the country possesses only 0.02 tons of gold.