(MENAFN) Since the beginning of this month Kenyan foreign exchange reserves have dropped by 27.8 billion shillings (around USD254 million), knocked down by external loan repayments.
The Central Bank of Kenya (CBK) stated in its weekly inform on financial markets issued on Friday that the forex reserves declined from USD7.605 billion at the end of last month, reaching USD7.351 billion on March 11.
The country's external debt now comes in at USD35 billion. One of the loan package, whose interest payment was scheduled in the past days, is the USD2 billion Eurobond, which was borrowed in 2018.
Nevertheless, is spite of the drop, the apex bank said that the reserves were sufficient to pay Kenya's import bill and shore up the shilling if necessity arose.
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