Kenya's foreign exchange reserves plummet as shilling hits new low

NAIROBI, Sept. 22 (Xinhua) -- Kenya's foreign exchange reserves experienced a decline of 112 million U.S. dollars this week, adding pressure on the local currency, the shilling, which reached a historic low of 147 to the dollar, the Central Bank of Kenya said in its update on the financial markets issued on Friday.

The reserves, as per the apex bank, amounted to 6.95 billion dollars at the week's end, equivalent to 3.76 months of import cover, marking a decrease from the previous week's figure of 7.06 billion dollars.