× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Kenya's forex reserves hit six-month low as shilling falls

WORK LIFE
By Xinhua | November 24th 2020

Kenya's foreign exchange reserves fell to a six-month low of 8.6 trillion shillings (about 7.93 billion U.S. dollars) on Friday in a week the local currency declined considerably against the greenback.

The Central Bank of Kenya in its weekly update said that the reserves fell from 8.14 billion dollars on Nov. 12 to the present level, a decline of 214 million dollars during the period.

The new dollar reserve position covers 4.87 months of import cover, down from 4.94 months of import cover. The last time the forex reserves stood at such a low was on May 20.

During the week, the shilling declined against the dollar to hit an all-time low of 109.50.

The apex bank is said to have sold an unspecified amount of dollars to prop up the currency to a level that does not destabilize the markets.

Despite the considerable fall, the bank said the usable foreign exchange reserves remained adequate to cover imports.  

Share this story
Money lessons acquired by Millenials during Covid-19 pandemic
In Kenya, more than half (55 per cent) of people would use the money to cover existing spending commitments
Dog walking becomes the newest hustle in town
Dog walking is now a status symbol. Owning a pet is cool. I nowadays meet lots of Kenyans and foreigners walking their dogs and some running.
.
RECOMMENDED NEWS
Feedback