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CBK under pressure to hold more dollars on rising imports
CBK’s usable foreign reserves have stood firm against pressure from rising imports backed largely by inflows from diaspora remittances and US dollar denominated debt.
The Central Bank of Kenya (CBK) must hold at least Sh1.17 trillion ($9.1 billion) in hard currency reserves to meet its requirement of keeping at least four months of the country’s import requirement as orders for goods from abroad rise.
This represents a 16 percent rise from Sh1 trillion ($7.8 billion) at the start of the year, which signals Kenya’s rising import needs.
