Kenya's forex reserves plunge amid volatile shilling
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E-mail Xinhua, October 31, 2020
NAIROBI, Oct. 31 (Xinhua) -- Kenya's foreign exchange reserves declined considerably this week as the shilling fell to its lowest level against the U.S. dollar.
The forex reserves fell from 888 billion shillings (about 8.22 billion U.S. dollars) to 8.12 billion dollars, the Central Bank of Kenya said in its weekly report on Saturday.
The dollar reserves have been on a decline in the past weeks as the shilling faces pressure from international currencies.
The 102 million dollars fall this week is a continuation from last week where the reserves declined by 143 million dollars as the shilling plunged.
The local unit hit a low of 109 against the dollar on Wednesday, forcing the apex bank to sell dollars to stabilize it at 108.80.
Meanwhile, the Central Bank said in the report that the east African nation's current account deficit narrowed to 5 percent of the gross domestic product (GDP) in the 12 months to September compared to 5.4 percent of GDP during a similar period in 2019. Enditem
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