Kenya’s official foreign exchange reserves fell slightly in the week as the shilling witnessed turbulence due to increased dollar demand from oil and merchandise importers.
Official data from Central Bank of Kenya (CBK) shows that the reserves now stand at $ 8,321 billion, equivalent to 5.45 months of import cover in the week ending 21-March.
“The CBK usable foreign exchange reserves remained adequate,” said the CBK adding that, “This meets the statutory requirement of maintaining at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.”
In the week ending March 14, they stood at $8,392 billion, representing 5.45 months of import cover.
During the week, the Shilling remained relatively stable against major international and regional currencies. It exchanged at KSh 101.01 per US Dollar on March 21, compared to KSh 100.24 on March 14.