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