Kenya’s Foreign Exchange Reserves Rise By $31 mn to $9,621

Sub-Saharan Africa (SAA) remains the most expensive region to send diaspora remittance to, according to estimates from the latest World Bank’s Migration and Development Brief.

Kenya’s foreign exchange reserves increased by $31 million to a high of $9,621 million (Ksh.1.04 trillion) in the week ended July 16, CBK data showed on Friday.

This represents 5.87 months of import cover.

This is compared to the previous week where the reserves surged $9,550.

“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover,” the CBK said.

The increase in forex reserves was on account of the diaspora remittances of Ksh.33 billion ($305.9 million) in the month of June. 

In addition to dollar flows from recent loan disbursements by the World Bank and the International Monetary Fund (IMF).