Kenya’s Foreign Exchange Reserves Rise to $7.537 Billion
By Gladys chepkemoi - 2022-12-30 10:29:59 - [General]
This represents a $462 million (KES 56.9 billion) increase and is enough to cover the country’s import needs for 4.22 months, according to the Central Bank of Kenya’s (CBK) weekly bulletin.
The IMF disbursement, which also included KES 26.6 billion in additional funding to help address the crippling effects of drought, pushed the country’s foreign exchange reserves (forex) above the required statutory import cushion of at least four months for the first time in 35 days.
This has helped to cushion the country’s external position, which had been weakened by lower inflows of foreign financing due to tighter liquidity in the global financial market, which forced the country to abandon plans to issue a $1.1 billion (KES 135.5 billion) Eurobond
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