Forex reserves at 88-month low as debt repayments fall due
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Nairobi, Jan. 30 -- Kenya's foreign-exchange reserves have dropped to the lowest level in 88 months as the nation makes multi-billion shillings debt repayments, marking the second time in less than three months it is breaching the critical level of four months' import cover.
Reserves currently stand at $7 billion (Sh870.7 billion, equivalent to 3.92 months of imports, the Central Bank of Kenya (CBK) said in its weekly bulletin last Friday.
Kenya's reserves have been depleting partly because of repayments to bilateral and commercial lenders and the CBK's intervention to try and slow down the shilling's depreciation against the dollar.
The fall comes as the country is this month expected to repay foreign debts estimated at Sh63 billion (...
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