Kenya’s FX reserves dipped by USD 112 mln in a week. As of the previous Friday, the reserves stood at USD 6.955 bln, down from USD 7.067 bln a week earlier. Despite this, the fiscal agent asserted adequate reserve levels. Yet, the reserves now cover 3.76 months of imports, below the statutory 4 to 4.5 months. Meanwhile, Kenyan Treasury Secretary Njuguna noted that the shilling wasn’t in freefall against the USD but was adjusting due to past “policy mistakes. He cited global dollar shortages compounding these errors. The shilling had depreciated by nearly 17% against the USD YTD.