Kenya’s forex reserves hit historic $10.59 billion, buoyed by remittances and strong shilling
The reserves have been on an upward trend since March, when they surpassed the 10-billion-US-dollar mark.
Kenya's foreign exchange reserves rose by 122 million US dollars this week to reach a historic high of nearly 10.59 billion dollars, the Central Bank of Kenya said in its weekly financial markets update released Thursday evening.
The reserves have been on an upward trend since March, when they surpassed the 10-billion-US-dollar mark.
More To Read
- CS Mbadi tables new banking rules targeting non-compliance, unethical practices
- Kenya’s exports to EAC partners grow as diaspora sends Sh1 trillion home
- CBK targets Sh40 billion in new Treasury bond auction
- Diaspora remittances from Saudi Arabia fall to four-year low after new work permit rules
- Businesses project job growth, stronger sales as festive season draws near
- Construction sector seen as Kenya’s weakest job creator in 2025, CBK survey shows
The increase has been attributed to robust diaspora remittances, a stable Kenyan shilling, and higher export earnings.
The current reserves provide import cover for 4.7 months -- well above the East African Community's recommended threshold of four months, the Central Bank of Kenya said.
The Kenyan shilling has maintained relative stability against the U.S. dollar in recent months, allowing the central bank to accumulate reserves without frequent intervention in the forex market. This week, the shilling traded at 129.22 to the dollar, slightly firmer than the previous week's 129.26.
President William Ruto said Tuesday that the rise in forex reserves has not come easily for Kenya, which grappled with a foreign exchange crunch in 2023.
Top Stories Today
