Kenya’s foreign exchange reserves fall to their lowest point in 6 months

Kenya’s foreign exchange reserves fall to their lowest point in 6 months

Local media reported on the 22nd that following the sharp drop in the exchange rate of Kenyan shilling against the U.S. dollar

the country’s foreign exchange reserves had fallen to 8.6 trillion shillings (US$7.93 billion) as of November 20, the lowest point in six months. .

The Central Bank of Kenya (CBK) stated in its weekly report that the country’s foreign exchange reserves fell by a total of US$214 million from November 12 to 20.

The current foreign exchange reserves can only meet 4.87 months of import demand. At the standard level of 4.94 months. 

It is reported that the last time Kenya’s foreign exchange reserves were at such a low level was on May 20.