Kenya’s foreign exchange reserves dropped by $487 million (Ksh.63.9 billion) in the week ending July 19, 2024.
This is after Kenya repaid a significant part of its external debt, bringing down the resources that are critical in supporting the local currency.
According to the Central Bank of Kenya (CBK), the current reserves can only support 3.9 months of import duty, down from 4.1 months.
It implies they fall short of 4.5 months of import cover necessary to sustain the country’s imports.
The forex dipped after Kenya serviced Ksh.70 billion in external debts.
Also Read: CBK admits SGR financing by China mounting pressure on public debt
Part of the Ksh.70 billion includes Ksh.56 billion which was channeled to service Chinese built Standard Gauge Railway (SGR).
According to a report by Business Daily – Kenya pays SGR loan between the month of January and July.
Kenya borrowed Ksh.667 billion to build the Mombasa – Naivasha SGR.
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