Kenya's foreign exchange reserves dropped to 6.98bn USD, a decline of 191 million USD due to increased dollar demand.
Kenya's foreign exchange reserves fell by a record 191 million USD, dropping below 7 billion USD to 6.98 billion USD. The decline was due to increased dollar demand from manufacturers and importers. The Central Bank of Kenya (CBK) has sold unspecified amounts of dollars to support the local currency, the shilling, and will receive a 1 billion USD loan from the International Monetary Fund (IMF) to bolster reserves.
May 25, 2024
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