Kenya; Foreign reserves decline 0.1% w/w to USD 7.48B

The official foreign reserves declined 0.1% w/w to USD 7.48 Billion as the import cover remained largely unchanged at 4.97 month.

Last week, the shilling weakened against the US Dollar (-0.1% w/w), the Pound (-2.7% w/w), the Euro (-1.9%,w/w) and the Yen (-3.1% w/w).

The volume of bonds traded declined by 40.0% during the week ending September 7, 2017, but the number of bonds traded increased to 202 deals from 112 deals in the previous week.

Liquidity in the money market increased during the week ending September 06, 2017, largely supported by government payments. The government payments during the week ending September 06, 2017 amounted to KES 50.9 Billion. Commercial banks’ excess reserves above 5.25% averaging requirement increased to KES 11.9 Billion during the week ending September 06, 2017 from the previous week’s average of KES 10.32B.

ApexAfrica Capital Research