Kenya’s foreign exchange reserves rose by Ksh.61.5 billion ($533 million) to a record high of $9,352 billion in the week ended April 8, 2022, the Central Bank data showed Friday.
According to the CBK data from the Weekly Bulletin, forex reserves are now at Ksh.966.2 billion ($8.373 billion) compared to Ksh.904.7 billion ($7.84 billion) previously.
This is equivalent to 4.98 months of import cover.
Cytonn Investments says the reserves were boosted by the USD 1.0 bn proceeds from the Eurobond issued in July 2021, USD 972.6 mn IMF disbursement, USD 130.0 mn World Bank loan financing received in June 2021, and, the USD 750.0 mn World Bank loan facility issued in March 2022.
This is in addition to improving diaspora remittances evidenced by a 23.5% y/y increase to USD 321.5 mn as of February 2022, from USD 260.3 mn recorded over the same period in 2021, which has continued to cushion the shilling against further depreciation.