Kenya’s Dollar Reserves Drop Besides Strengthening Shilling

The Central Bank of Kenya (CBK) collected KSh 27,428.16 Million from the re-opened five-year (FXD1/2020/5) Treasury Bond Issue representing a 94.6 per cent subscription rate.

Kenya’s foreign exchange reserves declined in the week ending Dec 24 besides a strengthening shilling against the U.S. dollar.

The dollar reserves, official data from the Central Bank of Kenya (CBK) showed Thursday, stand at 7.8 billion dollars or 4.78 months of import cover.

The dollar reserves have been on a decline in the past weeks as the shilling faces pressure from international currencies.

The CBK maintains that the current forex reserve meets its statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import.

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