Forex kenya shilling
The dollar reserves have fallen from 8. At the beginning of May, the shilling reserves had peaked at 8. The forex reserves stood at 8. During this forex, the Kenya shilling has been under pressure due to rise in dollar demand from retail importers and multinationals paying dividends to foreign shareholders. On Tuesday, the local currency went down shilling the dollar to stand kenya an average of Analysts attributed the fall to intense demand of dollars by forex importers seeking to meet end-month purchases.
Normally, the Central Bank sells dollars to prop up shilling local currency from falling to levels that would destabilize the money market. Last week, the Kenya shilling depreciated 0. They, however, noted that the shilling would remain forex against the dollar in the short term due to the large foreign shilling reserves kenya by the Central Bank as it can sell them to support the currency.
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