Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Forex reserves hit record Sh1.6trn on surplus Eurobond cash
Current official reserves are equivalent to 5.3 months of import cover, surpassing the statutory requirements of the CBK and the East African Community of maintaining at least 4 and 4.5 months of import cover, respectively.
Official foreign reserves held at the Central Bank of Kenya (CBK) hit a new high of $12.1 billion (Sh1.6 trillion) last week, on excess cash from a $1.5 billion (Sh193.7billion) Eurobond sale earlier this month.
Last week’s reserves at the CBK surpassed the previous record of $11.2 billion (Sh1.4 trillion) set in July this year, reflecting an improvement in the availability of foreign currency after months of increased inflows from debt financing and exports.
