Forex reserves dip by Sh28bn as CBK fights to stabilise shilling after Brexit

Kenya’s foreign currency reserves plunged by Sh28 billion last week as the Central Bank of Kenya (CBK) used its fire power to stabilise the market in the wake of financial markets’ turmoil that followed Britain’s recent vote to leave the European Union.

The CBK’s reserves stood at $7.237 billion (Sh732.45 billion) at the end of last week, equivalent to 4.73 months of import cover, having declined by $280 million from the previous week’s $7.517 billion (Sh760.8 billion) or 4.91 months of import cover, according to weekly official data.