Which way for the shilling as a trillion CBK reserves fail to stem fall
The shilling has continued to dip despite a surge in dollar reserves to a trillion shillings worth of import cover at the Central Bank of Kenya signaling the huge gap in the demand for foreign currency in the market. The Kenyan shilling hit a record low of 139 units against the greenback on Friday last week, despite an increase in CBK reserves on dollar flows from commercial loans and multilateral flows. CBK reserves on the other hand increased to Kes1.049 trillion ($7.532 billion), representing 4.15 months’ worth of import coverage up from Kes857 billion ($6.152 billion), or 3.62 import cover the previous week. Kenya began…
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