Kenya’s foreign exchange reserves dropped by Sh44 billion ($365 million) in August to Sh886 billion ($7.38 billion) on debt repayments to bilateral and commercial lenders, edging towards the minimum cover of four months of imports.
Kenya paid $110 million (Sh13.2 billion) to the Trade and Development Bank (TDB) in principal and interest on syndicated loans, while semi-annual interest payments for the $2 billion (Sh240 billion) Eurobond issued in February 2018 ate up another Sh9.3 billion ($77.5 million).
