The country’s foreign exchange buffer thinned progressively in the lead-up to July due to outflows resulting from government payment for obligations.
The Central Bank of Kenya (CBK) says the 12-month current account deficit also widened to 6.2 per cent of GDP in May 2017 from 6 per cent in March, due to short-term imports of cereals, sugar, and SGR-related transport equipment. Analysts have noted payments for Eurobond were also due.
