Kenya’s forex reserves have dipped by an equivalent of Sh26.5 billion ($262 million) since the beginning this year to Sh858.52 billion ($8.496 billion).
The reserves have fallen from a high of $8.94 billion (5.59 months of import cover) recorded on October 24, according to Central Bank data. In the absence of a major external debt issuance since the last Eurobond in May, CBK has depended on the normal market flows from diaspora remittances and exports to replenish its pile of hard currency.
