Kenya’s gold holdings and reserves increase by 5% in the second quarter thanks to external financing

kenyan shilling

Kenya’s gold holdings and reserves rose 5% to 933 billion shillings ($7.7 billion) at the end of the second quarter, supported by external government financing, the Bank said on Thursday. Central bank.

The apex bank said in its quarterly economic review that reserves and holdings increased by $7.3 billion in March.

“The increase in gold reserves and holdings, which include foreign exchange reserves held in external current accounts, deposit and special project accounts, national currency clearing accounts, gold and program securities Advisory and Reserve Management (RAMP) funds invested with the World Bank, has been supported by external government funding from international financial institutions, including the World Bank,” the apex bank said.

During the period, the regulator added that Kenya’s trade balance widened by 25%, from a deficit of $2.5 billion in the second quarter of 2021 to a deficit of $3.3 billion. during the period under review, mainly due to the increase in imports, in particular of oil. some products. Final article

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Michael J. Birnbaum