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Forex reserves hit record Sh1.3trn after investors snub new Eurobond
The Central Bank of Kenya in Nairobi. The expectation by some investors was that the CBK would yield to pressure and start accepting pricier bids in order to meet the expanded target. It did not.
Official foreign reserves held at the Central Bank of Kenya (CBK) hit an all-time high of $10.1 billion (Sh1.3 trillion) last week on excess cash left on the table after investors snubbed Kenya’s $900million (Sh116.4billion) Eurobond buyback offer a fortnight ago.
Data from the CBK shows the forex cover rose by $913 million (Sh118.1 billion) as of Thursday to cross the $10 billion mark for the first time, up from $9.1 billion (Sh1.2 trillion) a week earlier.
