Kenya's forex reserves fall sharply as shilling plunges, USD demand surges

NAIROBI, Jan. 29 (Xinhua) -- Kenya's foreign exchange reserves fell a record 49 billion shillings (about 428 million U.S. dollars) this week as the shilling hit a new low amid strong dollar demand from importers.

The Central Bank of Kenya (CBK) said in its weekly update of the financial markets released Friday evening that the reserves fell from 8.715 billion dollars to 8.287 billion dollars, a new low.

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