Kenya’s foreign exchange reserves have surged past KSh 1 trillion, totaling USD 8,321 million as of June 20, according to reports from the Central Bank of Kenya (CBK). This substantial increase from USD 6,975 million in late May highlights a significant boost in the country’s ability to cover imports, now standing at approximately 4.3 months of import cover.
The CBK emphasized that these reserves comfortably meet the statutory requirement of maintaining at least 4 months of import cover, ensuring stability in the country’s foreign exchange market. This development underscores Kenya’s strengthened position in managing external economic pressures, contributing to the overall stability of the Kenyan shilling against major global currencies.
The rise in foreign exchange reserves reflects continued efforts by the CBK to bolster Kenya’s economic resilience amid global uncertainties, positioning the country favorably in managing trade imbalances and external shocks. As Kenya navigates economic recovery post-pandemic, the robust foreign exchange reserves provide a crucial buffer against potential volatility, supporting investor confidence and sustainable economic growth.
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