Kenya is set to acquire more gold to diversify its foreign exchange holdings beyond the dollar and other currencies, Central Bank of Kenya Governor Kamau Thugge has revealed.
While speaking to Bloomberg, Thugge revealed the CBK is actively considering adding more gold to its reserves amidst reports of current reserves dwindling.
However, Thugge did not disclose the timeline of this endeavour. "We have basically a group that is looking at the feasibility of doing it and yes, that's something that we're actively considering," Kamau Thugge noted on the sidelines of the International Monetary Fund and World Bank Spring Meetings. Kenya held gold valued at Ksh169 million ($1.3 million) by end-June, according to the most recent central bank annual report.
It owns 600 ounces (close to 20 kilograms) after selling most of its holdings in 1998, according to the IMF.
