Kenya’s foreign exchange reserves stood at USD 15,245 million as of August 13, 2026, providing 6.3 months of import cover. The Central Bank of Kenya said the position remains adequate, noting it meets the regulator’s statutory requirement to hold at least four months of cover, a threshold the country has now cleared by a wide margin for several weeks running.
The figure caps a month in which reserves swung from comfortable to historic. What stands out is how the buffer has held near its peak rather than sliding back, a sign that the recent surge reflects a genuine step change in Kenya’s external position rather than a one-off spike.
From Six Months of Cover to an All Time High
Reserves climbed steadily through July before a sharp jump at the end of the month reset the record books entirely. The table below tracks the weekly figures from mid July through mid August.
| Week Ending | Reserves (USD Million) | Months of Import Cover |
|---|---|---|
| 16 July | 14,169 | 6.0 |
| 23 July | 13,854 | 5.9 |
| 30 July | 15,400 | 6.4 |
| 06 August | 15,248 | 6.3 |
| 13 August | 15,245 | 6.3 |
The jump between July 23 and July 30 tells the real story. Reserves rose by roughly USD 1.55 billion in a single week, the largest weekly gain the Central Bank has ever recorded, pushing the total to an all time high of USD 15.4 billion. The driver wasn’t diaspora inflows or export receipts. It was two large one off transactions landing at once: proceeds from the government’s partial sale of its stake in Safaricom to Vodacom, and a fresh disbursement from the World Bank. Combined, the two transactions delivered more than Sh337 billion into government accounts in a single reporting week, according to Business Daily.
Since that spike, reserves have eased only slightly, settling at USD 15,245 million by August 13. That stability matters. It suggests the Central Bank has not needed to draw down the windfall to defend the shilling or plug other external gaps, at least not yet.
Why This Buffer Matters Beyond the Headline Number
Foreign exchange reserves function as Kenya’s shock absorber. They fund essential imports when export earnings or remittances fall short, help the Central Bank smooth volatility in the shilling, and reassure investors and rating agencies that the country can meet its external obligations. CBK Governor Kamau Thugge has said he expects reserves to climb further still, toward a targeted USD 16 billion, as additional proceeds arrive from a separate transaction in which South Africa’s Nedbank is acquiring a majority stake in a Kenyan bank.
The current account deficit widened to 3.0 percent of GDP in the 12 months to June 2026, up from 1.9 percent a year earlier, as goods imports grew 13.1 percent against more modest export growth. Under normal conditions, a widening deficit like that would put pressure on reserves and the currency. Instead, the MPC noted the deficit would be “more than fully financed” by financial and capital account inflows, a conclusion that lines up with what the reserves data has actually shown.
What the Central Bank Sees Ahead
The MPC held the Central Bank Rate at 8.75 percent for a third straight meeting, and reserves featured as one of the pillars supporting that decision. Governor Thugge’s committee pointed to the current buffer as protection against short term domestic and external shocks, alongside a stable exchange rate and inflation sitting at 6.5 percent in July, comfortably within target.
NCBA’s post meeting research read the numbers with a touch more caution, noting that while reserves remained robust, the current account picture reflects real strain from weaker export earnings, softer diaspora remittances, and a heavier import bill. In the bank’s view, a durable improvement in reserves depends on more than one off privatisation proceeds. It needs sustained gains in exports, tourism, and remittance flows to hold up over time.
For now, the buffer gives Kenya real breathing room. Whether that translates into lasting exchange rate stability will depend on what happens once the current wave of privatisation and multilateral inflows tapers off, and whether the more structural pieces of the external account, trade, tourism and remittances, can pick up the slack.
