CBK buys dollars to build foreign exchange reserves

Car& General has cut its dollar-denominated borrowings. PHOTO | SHUTTERSTOCK

The Central Bank of Kenya (CBK) has switched roles to become a net buyer of US dollars with the view to building up foreign exchange reserves, the International Monetary Fund (IMF)has disclosed.

According to the CBK, foreign exchange reserves stood at $6.829 billion, equivalent to 3.7 months of import cover.

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