Kenya launches gold-backed Exchange Traded Fund
President Uhuru Kenyatta
What you need to know:
- Principal Secretary in the National Treasury Kamau Thugge told journalists that the NewGold ETF will be traded at the Nairobi Securities Exchange (NSE).
Nairobi. Kenya on Monday launched a gold-backed Exchange Traded Fund (ETF), a first of its kind in East Africa.
Principal Secretary in the National Treasury Kamau Thugge told journalists that the NewGold ETF will be traded at the Nairobi Securities Exchange (NSE).
“The Kenya shilling ETF will be traded in the same manner as a normal equity security and will be subject to similar tax treatment,” Thugge said.
The securities instrument will enable investors to invest in an instrument that tracks the price of Gold Bullion, he added. (NMG)
