NAIROBI, June 14 (Xinhua) -- Kenya's foreign exchange reserves maintained upward momentum this week, rising by 357 million U.S. dollars to reach a record high of around 10.94 billion dollars, the Central Bank of Kenya (CBK) said in its weekly financial markets update released Friday evening.
According to the apex bank, the reserves represent 4.8 months of import cover, up from 4.7 months last week, marking the highest level ever recorded in the country.
In a monetary policy statement issued Tuesday, CBK Governor Kamau Thugge attributed the growth in reserves to increased inflows from horticultural and coffee exports, along with robust diaspora remittances.
"The CBK foreign exchange reserves, which are currently at their highest level, continue to provide a buffer anytime there are shocks in the foreign exchange market," he added.
Bolstered by the strong reserves, the Kenyan shilling has firmed against the U.S. dollar, trading at an average of 129.2, the CBK noted, adding that the shilling remains stable against all the major international and regional currencies. ■
