NAIROBI (Xinhua) --
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
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
The stronger currency has helped the Central Bank pile up its
dollar reserves leading to the surge.