Kenya moves to reduce interest on foreign debt

Money.

Kenya has allocated $3.28 billion for external debt repayment in the 2022/2023 fiscal year. PHOTO | FILE

Kenya is reviewing the currency composition of its external debt in order to reduce currency volatility that has seen the cost of its dollar-denominated loans increase by two percent in four months.

Haron Sirma, director-in-charge of Debt Management at the Treasury, said the proposal is aimed at reducing foreign exchange costs.