Kenya’s forex reserves surged back to pre coronavirus levels, hitting Sh$9.26 billion (Sh981.3 billion) in the week ended Friday, June 5, fuelling shilling’s strength against the US dollar.

According to the weekly bulletin by Central Bank of Kenya (CBK), the local currency strengthened against major international and regional currencies during the week, exchanging at Sh106.12 per compared to Sh107.03 the previous week.

The usable foreign exchange reserves remained adequate at $9.26 billion (5.56 months of import cover) as of June 4 compared to $8.3 billion (Sh885 billion) reported the previous week, growing by almost Sh100 billion.

''This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover,’’ CBK said. Read more