Foreign loans interest up Sh19bn in eight months on shilling drop

Kenya’s diaspora remittances have continued to grow with projections indicating a new record high for 2023. FILE PHOTO | POOL

Foreign interest payments in the first eight months jumped by Sh19.3 billion following the sharp weakening of the shilling against the dollar that pushed up the cost of servicing external debt.

Data from the Central Bank of Kenya (CBK) shows that expenditure on foreign interest jumped by over a fifth to Sh108.6 billion in the period in the eight months to February.

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Note: The results are not exact but very close to the actual.