Kenya’s foreign exchange reserves reached US$ 7,656 Million, equivalent to 4.71 months of import cover, as of April 15th 2021.
This is compared to US$ 7.4 Billion as of April 8th 2021.
Foreign exchange reserves for the past three weeks
According to a weekly bulletin from the Central Bank of Kenya (CBK), forex reserves were US$ 7,412 Million on March 18th, 2021, US$ 7,344 Million on April 1st, 2021 and US$ 7,343 Million on April 8th, 2021.
The local unit strengthened against major international and regional currencies during the week ending April 15th, on the back of solid forex inflows.
It exchanged at KSh 106.81 per U.S. dollar on April 15th, compared to KSh 108.24 per U.S. dollar on April 8th.
According to the weekly bulletin, turnover of bonds in the domestic secondary market increased by 709.9 per cent during the week ending April 15th.
On the international market, yields on Kenya’s Eurobonds declined by an average of 14.8 basis points.
International crude oil prices edged up during the week on account of U.S. crude oil inventory drawdown and higher demand outlook.
Murban oil price increased to US$ 64.78 per barrel on April 15th from US$ 61.68 per barrel on April 8th.