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Tuesday, 8 September 2020

FX reserves rise slightly in August

FX reserves rise slightly in August: Foreign reserves rose in August for the third month running, coming in at USD 38.37 bn from USD 38.31 in July, according to central bank figures released yesterday. The country has added a little over USD 2 bn to its stockpiles over the past three months after reserves fell by about USD 10 bn at the height of the covid crisis. Reserves fell from USD 45.5 bn in February to USD 36 bn in May as CBE stepped in to cover portfolio outflows, debt repayments and imports of commodities. Reuters also has the story.

The rebuild is likely to continue at a snail’s pace in the months ahead: The IMF is projecting reserves to continue a slow recovery this year, reaching USD 40.1 bn by the end of FY2020-21, and USD 51 bn by the middle of the decade.

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