Forex reserves sink to a 26-month low as Coronavirus hits Kenya’s economy hard

Central Bank of Kenya (CBK) holds and manages foreign exchange reserves, is charged with the responsibility for formulating monetary policy to achieve and maintain price stability. [Jonah Onyango/Standard]

The Coronavirus pandemic has hit the economy hard with the Central Bank’s foreign currency reserves dropping to a 26-month low.

The Central Bank of Kenya’s (CBK) foreign exchange reserves dropped to $8,290 million - only enough to cover the country’s imports for 5.04 months.