The Central Bank of Kenya last week bought Sh200 million worth of dollars to build the country’s foreign exchange reserves. According to the CBK weekly bulletin, foreign exchange reserves grew marginally from Sh840.9 billion to Sh841.1 billion last week. The cumulative Sh40 billion is expected to cushion the country from volatility in the global market over the Covid-19 pandemic. He lauded the lender's slow uptake of dollars adding that the decision would cause minimal disruptions to interest rates. According to traders, the shilling weakened due to dollar demand from commercial banks beefing up their foreign reserves outweighing inflows from diaspora remittances.

Source: The Star March 10, 2020 01:00 UTC