Kenya’s Forex reserves got a boost following receipt of Ksh78 billion ($739 million) from the IMF drawn under the Rapid Credit Facility (RCF). The funds are meant to help Kenya meet its balance of payments needs.
Central Bank of Kenya forex reserves rose by 9% to $8,532 million (5.14 months of import cover) as of May 14 representing an increase of $723 million from the previous $7,809 million forex reserves (4.7 months of import cover).
CBK weekly bulletin shows that 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.
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The Kenya Shilling remained relatively stable against major international and regional currencies during the week ending May 14. It exchanged at KSh 106.59 per US dollar on May 14 compared to KSh 106.08 on May 7.