Kenya’s foreign exchange reserves surged by USD 1.38 billion to reach a record high of USD 9.5 billion in the week ended July 2, the latest data from the Central Bank of Kenya (CBK) showed on Friday.
The rise in reserves was on account of the proceeds of the Eurobond issue coupled with the USD 407.0 million from the International Monetary Fund disbursement and the USD 130.0 million World Bank loan financing.
“The usable foreign exchange reserves remained adequate at USD 9,494 million (5.81 months of import cover) as at July 1st. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover,” CBK said in its latest Weekly Bulletin.
During the week, the Kenya Shilling depreciated against the US Dollar by 0.2 per cent to close at 108.0, from 107.8 the previous week.