Published On: Fri, Sep 18th, 2015

IMF releases Sh.8bn to help cushion shilling

The IMF has relesaed Sh. 8 billion ($76.3 million) to Kenya to help cushion the shilling that has depreciated 13.9 per cent in the past eight months.

The country’s foreign exchange reserves have dropped considerably as a result of CBK intervention in the money markets using its reserves to stabilize the local currency. Kenya currently has about 3.98 months of import cover, down from the 4.2 at the beginning of July.

Source: The Business Daily.
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