Kenya’s C/A Deficit Widens

Kenya’s current account deficit widened to 7.7% of GDP in February from 5.9% the same time a year earlier, the finance ministry said, Reuters reported. The treasury blamed a 5.6% fall in the value of exported goods and services. Combined with other unspecified income drops, the fall more than offset a 4.5% drop in imports. The overall balance of payments swung to a deficit of $6.7 million during the year ended February from a surplus of $112.4 million in the year to February 2016, the ministry said. The Kenyan shilling has been broadly stable against the dollar for most of this year and foreign exchange reserves have risen to record highs.