Markets

Forex reserves 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.

Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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