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Kenyan Central Bank Considers Gold Reserves Diversification to Reduce Dollar Dependence
Kenyan Central Bank Considers Gold Reserves Diversification to Reduce Dollar Dependence
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Kenya’s Central Bank is exploring the addition of gold to its foreign exchange reserves as part of a strategic shift away from US dollar reliance. Governor Kamau Thugge revealed the plan during IMF and World Bank meetings, noting that a specialized team is currently evaluating the initiative. No timeline has been established for implementation.
The proposed move would mark a significant departure from Kenya’s current reserve composition, which stands at 0.02 tons of gold against a dollar-dominated portfolio. Thugge emphasized the need for reserve diversification in his Bloomberg TV interview, framing gold accumulation as a hedge against currency volatility.
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