Kenya: Falling foreign exchange reserves
Kenya’s foreign exchange reserves fell by a record $233 million over the past week to their lowest level in five years amid a sustained decline in the shilling once morest global currencies, said the Central Bank of Kenya (CBK).
In its weekly financial market update released Friday evening, CBK noted that foreign exchange reserves rose from $7.61 billion to $7.37 billion.
Reserves have thus continued their downward trend in recent weeks, with the central bank using some of its stock to stabilize the shilling once morest a drop to a level that might disrupt financial markets.
