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Kenya’s Forex Reserves dip further

Kenya’s foreign currency reserves fell further last week past the 9 billion US dollars mark.

According to latest weekly update by the Central Bank of Kenya, the CBK usable foreign exchange reserves dropped to 8.9 billion US dollars equivalent to 932.6 billion shillings, as at September 26.

This denotes a near 1.8% drop in the country’s forex reserves from the previous 9.1 billion dollars – which is equivalent to 949.5 billion shillings at current exchange rates.

The CBK says the current forex reserves are equivalent to 5.61 months of import cover, which meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.

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