Kenya's Forex Reserves Decline for Third Consecutive Week, Shilling Under Pressure
Kenya's foreign exchange reserves declined for the third consecutive week to $15.155 million (KSh 1.961 trillion) as of August 20, according to data published by the Central Bank of Kenya (CBK). This represents a drop from $15.245 million (KSh 1.973 trillion) recorded on August 13 and $15.248 million (KSh 1.974 trillion) on August 6.
Despite the decline, the CBK described the reserves as 'adequate,' noting that they remain above the statutory threshold required to support import obligations. The Kenyan shilling came under modest pressure against major international currencies during the week ending August 20, with a marginal depreciation of 0.04% against the US dollar.
The shilling weakened by 0.45% against the sterling pound, moving from KSh 174.61 to KSh 175.39, and lost 0.41% against the euro, slipping from KSh 149.38 to KSh 149.99. However, it fared better against the Japanese yen, strengthening 0.39% over the same period.