Advertisements
Emerging Markets

Kenyan dollar reserves pile up amid rise in inflows

Kenya’s U.S. dollar reserves rose by a record 244 million U.S. dollars last week boosted by a stronger shilling and a surge in inflows from offshore investors.

Central Bank report released on Monday shows that the foreign exchange reserves stood at 8.39 billion dollars or 5.45 months of import cover at the close of Friday last week, up from 8.148 billion dollars or 5.29 months of import cover.

It is the first time the reserves have stood at such a high since the start of the year as the shilling remains resilient against the dollar.

The Central Bank is currently selling a 500 million dollars Treasury bond for infrastructure projects, which, according to analysts, has helped increase dollar inflows.

The shilling is currently trading against the dollar at an average of 100, over 1 percent increase since the start of the year.

The stronger currency has helped the Central Bank pile up its dollar reserves leading to the surge. Enditem

Advertisements
Tags
Show More

xinhuanet.com

Xinhua News Agency, Xinhuanet is an important central news service-oriented website, an important information organ of the central government, and an important platform for building up China's online international communication capacity. Established on November 7, 1997, as an online news provider of the Xinhua News Agency, it was officially named Xinhuanet on March 10, 2000 and began around-the-clock news release with leading online public opinion at home and setting a good image of China abroad as its main task.

Related Articles

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker