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Kenya’s foreign exchange reserves have shrunk by 100 million U.S. dollars as demand for dollars rises with importers scrambling to bring in supplies amid the COVID-19 outbreak.

The reserves declined from 8.51 billion dollars on Feb. 20 to 8.41 billion dollars on Feb. 27, the biggest fall in months, data from the Central Bank of Kenya seen on Monday showed.

The east African nation’s dollar reserves had remained stable since January at 8.5 billion dollars.

“The CBK usable foreign exchange reserves remained adequate to meet its statutory requirement to endeavor to maintain at least four months of import cover,” said the Central Bank of Kenya. Enditem


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