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Kenya’s Foreign Exchange Reserves Rise KSh90bn

The National Treasury is seeking an additional Ksh.10 billion from May bonds which recorded an undersubscription in a tap sale.

Kenya’s foreign exchange reserves rose for the second consecutive month in April, reaching $7,425 million, according to Central Bank data.

The country’s reserves rose to $7,425 million at the end of last week, compared to $7,343 million previously. CBK said this was equivalent to 4.56 months of import cover as at April 8. 

Consequently, the shilling strengthened during the week by 1.3%, to close at Kshs 108.0, from Kshs 109.4 recorded the previous week, at. This was attributed to muted importer dollar demand amid increased inflows from offshore investors into the recently issued infrastructure bond.

However, the shilling is projected to remain susceptible to sentiment around the sustainability of public finances and the inherent risk of debt distress for the sovereign according to NCBA Research. 

Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.

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