KENYA's public debt rose slightly in October to stand at Sh2.06 trillion, a 0.3 per cent from September's position. Though the level of domestic debt increased by Sh6.6 billion in the month, the level of external debt reduced by Sh1.3 billion. Gross domestic debt now stands at Sh1.174 trillion while external loans dropped to Sh887.99 billion. The decrease is attributed to strengthening of the shilling against all the major currencies in the month key among them the Euro and the dollar. The Euro forms the largest share of the external debt portfolio at 33.1 per cent followed by the Dollar at 31.9 per cent. Treasury debt report for the month of October shows that the shilling appreciated against the Dollar, Japanese Yen, Sterling Pound and Euro by 1.73, 2.06, 2.56 and 0.18 per cent respectively. The shilling stood at Sh85.15 to the Dollar at end of October 2013 . "Appreciation of the Kenya Shilling has the effect of decreasing external debt stock and the cost of debt service," the report says. Official creditors account for 91.65 per cent of the total public and publicly guaranteed external debt, out of which debts owed to multilateral creditors amounts to Sh539.92 billion. Bilateral debt stands at Sh273.91 billion, inclusive of Sh41.5 billion guaranteed. In the multilateral category, IDA, ADB /ADF, IMF and EEC/EIB account for the largest proportion of external credit, while Japan , France and Germany are the leading creditors in the bilateral category. The commercial debt constitutes 6.61 per cent of the total public and publicly guaranteed external debt.
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