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Forex Reserves of Kenya Rises on Inflows

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Kenya’s foreign exchange reserves surged by a record 25.6 billion shillings (162.4 million U.S. dollars) this week, just days after the government anticipated external inflows from lenders starting in January.

The Central Bank of Kenya (CBK), in its weekly financial markets update released on Friday in Nairobi, the capital of Kenya, reported that the reserves rose to 6.77 billion dollars this week from 6.61 billion dollars last week.

“The usable foreign exchange reserves remained adequate at 6.77 billion dollars, equivalent to 3.6 months of import cover. This meets the CBK’s statutory requirement to maintain at least four months of import cover,” said the apex bank.

Njuguna Ndung’u, cabinet secretary of National Treasury and Economic Planning, said in late December that the East African nation would receive substantial external inflows from the World Bank, the International Monetary Fund, and other development finance institutions, as well as bilateral partners, between January and March 2024.

Kenya has been contending with dwindling forex reserves. The shilling has declined by 22 percent year-on-year, affected by low forex reserves, which have made it challenging for the CBK to support it in case it faces pressure from foreign currencies.

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