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Deputy President Rigathi Gachagua when he opened the Nairobi International trade fair at the Show Ground Arena. [Jonah Onyango, Standard]
Deputy President Rigathi Gachagua alleged in a media interview that inadequate foreign currency reserves at the Central Bank of Kenya (CBK) were making it difficult for petroleum companies to obtain US Dollars (USD) for oil imports.
Hours later, CBK issued a press statement denying the allegations. Instead, it sought to clarify that all foreign exchange for business transactions are obtained from commercial banks and that it had adequate foreign currency reserves of $7.4 billion to cover imports for 4.64 months.
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