Kenya’s FX Reserves Hit Three-Year High After Heightened Inflows
- Nation’s reserves have increased for 10 straight weeks
- Rise has kept shilling stable amid sell-off in EM currencies
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Kenya’s foreign-exchange reserves rose to their highest level in three years as capital flows into the East African nation accelerated, helping to keep its currency stable amid a sell-off elsewhere in emerging markets.
Reserves held by the central bank rose 8.6% to $9.32 billion by Nov. 7, compared to a week earlier, sufficient to pay for 4.8 months of imports, more than the minimum four months that it aimed to maintain as a cushion against short-term shocks.