Kenya’s foreign exchange reserves fell to record lows this week, leaving the shilling at its lowest level against major global currencies, the central bank said in its weekly financial market report on Friday evening.
Apex Bank stated that the reserves recorded a low of 7.72 billion dollars from last week’s 7.74 billion dollars.
The $7.72 billion reserves cover 4.45 months of imports, which is equivalent to the central bank’s mandated four months of revenue coverage.
But they are below the 4.5 months income coverage requirement of the East African Community region.
Last month, as the shilling continued its downward spiral, foreign exchange reserves fell by $276 million, and a large number of banks are said to be selling a limited amount of dollars to shore up the domestic sector.
On Friday, the shilling hit a low of 119.03 against the dollar. dead end