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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Kenya forex reserves fall below 3-mths import cover

Posted on 10 February 2009

From Reuters: Kenya’s food crisis has forced east Africa’s biggest economy to drain its hard currency reserves to less than three months’ worth of import cover, Prime Minister Raila Odinga said on Monday.

“Our foreign exchange earnings are on a decline at a time when we must spend a large amount of foreign exchange for emergency imports of maize,” he told a meeting with donors. “This development has forced us to draw down our official foreign exchange reserves to 2.8 months of import cover.”…. Full Article: Source


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