Kenya’s Forex Reserves Surge by $1.97 Billion

Kenya’s foreign exchange reserves have risen by $1.97 billion in ten weeks, driven by the Central Bank of Kenya’s (CBK) dollar purchases amid favorable supply. Last week alone, reserves increased by $737 million to $9.323 billion, boosted by the IMF’s $606 million disbursement.

The reserves now cover 4.8 months of imports, surpassing the statutory four-month minimum. CBK Governor Dr. Kamau Thugge credited the rise to strong bank inflows and diaspora remittances, which have also helped stabilize the shilling at around KSh 129 to the dollar.