In Kenya, Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans. Latest CBK data shows the reserves fell from $ 9.336 billion (Sh1.01 trillion) at the beginning of last month to $ 8.865 billion (Sh960.08 billion) by September 3. Kenya’s forex reserve is strengthened on the back of low dollar demand by importers coupled with drop in global oil prices, central bank data. Thursday, Nov 12, 2020 Facebook Twitter Linkedin Youtube Email The Financial Markets department compiles indicative foreign exchange rates daily for use by the general public. These rates reflect the average buying and selling rates of the major participants in the foreign exchange market at the open of trade every day, thus providing a good indicator for any interested party on the value of the shilling on any particular day. According to the Central Bank of Kenya weekly bulletin, usable foreign exchange reserves stood at $8.12 billion, translating to a 4.93 months of import cover as at November 5, rising by $7 million ... Central bank of Kenya./FILE Kenya is building up its foreign exchange reserves to cushion the country from volatility in the global market due to the Coronavirus breakout. Foreign Exchange reserves held by the Central Bank of Kenya (CBK) are a national asset held as a safeguard to ensure availability of foreign exchange to meet the country’s external obligations, including imports and external debt service. The primary objective in the management of these reserves is therefore capital preservation.
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