Kenya’s gold holdings, reserves rise 5 percent in Q2 on external financing

kenya shilling
kenya shilling

Kenya’s gold holdings and reserves rose 5 percent to stand at 933 billion shillings (7.7 billion U.S. dollars) at the end of the second quarter buoyed by external government financing, the Central Bank said on Thursday.

The apex bank said in its quarterly economic review that the reserves and holdings rose from 7.3 billion dollars in March.

“The increase in reserve and gold holdings, which comprise foreign reserves held in external current accounts, deposits and special/projects accounts, domestic foreign currency clearing accounts, gold, and reserves advisory and management program (RAMP) securities invested with the World Bank were supported by government external financing from international financial institutions, including the World Bank,” the apex bank said.

During the period, the regulator added that Kenya’s trade balance widened by 25 percent from a deficit of 2.5 billion dollars in the second quarter of 2021 to a deficit of 3.3 billion dollars in the period in review, owing primarily to increased imports, especially of petroleum products. Enditem

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