Forex reserves up 1.4% to Ksh.896.9 billion at September close

Forex reserve up 1.4% to Ksh.896.9 billion at September close

Kenya’s foreign exchange reserves (import cover) was kept at Ksh.896.9 billion at final week ending September 2022.

The record cover was a 1.4 percent uptick from the prior week when the reserves were recorded at Ksh.884 billion.

According to the Central Bank of Kenya (CBK), the reserves are shielded within the regulator’s adequate measure to maintain at least 4.19 months of import cover.

“The usable foreign exchange reserves remained adequate at USD 7,424 million (4.19 months of import cover) as at September 8,” said the CBK in its weekly bulletin.

The rise in import cover coincides with a stabilized Shilling against major international and regional currencies during the week under review.

At close of Friday, the Shilling exchanged at Ksh.120.70 against a dollar, compared to Ksh.120.54 a week earlier.

The regulator sells an unspecified amount of dollars from the reserves pool to cushion the Shilling by increasing the amount of dollars circulating in the inter-bank and money markets.

Costly food prices p
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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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