Kenya’s current account deficit narrowed to 5.1 percent in the 12 months to July from 5.3 percent in May, helped by lower oil import costs coupled with improved inflows from tourism and diaspora remittances.
The deficit has tended upwards in recent months due to an elevated import bill — due to high crude and food grain prices —but the fall in the price of Murban Crude from $118 per barrel at the beginning of July to $105 at the end of the month helped ease the pressure on the country’s forex.
