Browsing: Bank for International Settlements (BIS)

  • Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover.
  • The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar.
  • The country has witnessed a dollar shortage in recent months.

The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market.

The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent against the US dollar, the highest in two decades.

It has breached the 130 mark to a dollar, which is a record high. Importers are however accessing the dollar at Ksh145 to the dollar, which has impacted on the cost of imports and commodity prices.

Usable foreign exchange was recorded …