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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan dollar reserves plunge as Central Bank protects shilling

NAIROBI (Xinhua) -- Kenya’s foreign exchange reserves fell by more than 200 million U.S. dollars in October as the Central Bank buttressed the shilling following pressure from international currencies.

The U.S. dollars reserves declined from 8.44 billion dollars at the end of September to 8.22 billion dollars last week, official Central Bank of Kenya data released on Monday show.

The local currency depreciated by 0.8 percent against the dollar in October, falling from 101.00 at the end of September to 101.85 at the end of October.

This was driven by dollar high demand from traders and oil importers coupled with subdued dollar inflows from exporters.

Negative sentiments in the money market from the National Treasury and the International Monetary Fund have also affected the shilling.

The central bank intervened by selling dollars to support the shilling.

Cytonn, a Nairobi-based investment firm, noted that shilling has been greatly supported by the Central Bank through repurchase agreements and selling of dollars.

           

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