The Lower Eastern Times Opening The Third Eye
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Kenya’s foreign exchange reserves continued their upward trend this week, increasing by $357 million to hit an all-time high of approximately $10.94 billion, according to the Central Bank of Kenya’s (CBK) weekly financial markets report released Friday evening.
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The CBK noted that this amount now provides 4.8 months of import cover—an improvement from last week’s 4.7 months—setting a new national record.
In a monetary policy statement on Tuesday, CBK Governor Kamau Thugge credited the rise in reserves to higher earnings from horticulture and coffee exports, as well as steady diaspora remittances.
“Our current record-high forex reserves offer a critical cushion during any disruptions in the foreign exchange market,” Thugge said.
With the bolstered reserves, the Kenyan shilling has strengthened against the U.S. dollar, averaging KSh 129.2, while also maintaining stability against major global and regional currencies, the CBK added.
