This archive report was first published on 18 May 2020.
On May 14, Kenya's Central Bank of Kenya (CBK) announced a significant increase in the country's Forex reserves, rising by 9% to $8,532 million (5.14 months of import cover). This represents an increase of $723 million from the previous $7,809 million Forex reserves (4.7 months of import cover).
The boost in Forex reserves comes after the International Monetary Fund (IMF) approved a disbursement of $739 million to Kenya under the Rapid Credit Facility (RCF). The funds are meant to help the country meet its balance of payments needs.
According to the CBK's weekly bulletin, the Treasury bills auction of May 14 received bids totaling KSh 24.1 billion against an advertised amount of KSh 24.0 billion, representing a 100.4 percent subscription.
During the week ending May 14, the Kenya Shilling remained relatively stable against major international and regional currencies. It exchanged at KSh 106.59 per US dollar on May 14 compared to KSh 106.08 on May 7.
