Kenya’s import cover has fallen to the lowest levels in six-and-a-half years after the National Treasury cancelled more than a $1 billion sovereign bond, shrinking the country’s stock of dollar reserves.
The Central Bank of Kenya last Thursday held foreign currencies amounting to $7.74 billion (Sh919.90 billion) which can cover the country’s import needs for 4.46 months, the lowest backup since 4.44 months of cover on January 28, 2016.
