Kenya’s U.S. dollar reserves rose by a record 244 million U.S. dollars last week boosted by a stronger shilling and a surge in inflows from offshore investors.
Central Bank report released on Monday shows that the foreign exchange reserves stood at 8.39 billion dollars or 5.45 months of import cover at the close of Friday last week, up from 8.148 billion dollars or 5.29 months of import cover.
It is the first time the reserves have stood at such a high since the start of the year as the shilling remains resilient against the dollar.
The Central Bank is currently selling a 500 million dollars Treasury bond for infrastructure projects, which, according to analysts, has helped increase dollar inflows.
The shilling is currently trading against the dollar at an average of 100, over 1 percent increase since the start of the year.
The stronger currency has helped the Central Bank pile up its dollar reserves leading to the surge. Enditem