Forex reserves slide as Iran war tests Kenya economy firepower

Kenya’s foreign reserves have fallen sharply as the Central Bank intervenes to stabilise the shilling amid rising oil prices and global uncertainty triggered by the Iran conflict...

✨ Key Highlights

Kenya's foreign reserves have seen a significant decline, dropping by approximately $800 million (Sh103 billion) in five weeks up to late April. This decrease is attributed to the Central Bank of Kenya (CBK) using reserves to support the Kenyan Shilling amidst rising global oil prices.

Foreign reserves fell to $13.226 billion (Sh1.71 trillion) as of April 29, down from $14.022 billion (Sh1.81 trillion) on March 26.
The Central Bank of Kenya (CBK) is the key organization managing these reserves.
The decline is linked to Middle East tensions causing increased global oil prices, impacting households and businesses.