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Kenya's foreign exchange reserves are set to climb to a seven-month high, bolstered by proceeds from the sale of a 15 per cent government stake in telecoms giant Safaricom, fresh World Bank funding, and Kenya Pipeline Company privatisation receipts.
Central Bank of Kenya (CBK) governor Kamau Thugge said on Tuesday the Safaricom transaction proceeds, totaling Sh244.5 billion, are expected to hit the state's accounts soon, providing a significant boost to Kenya's external buffers.
"We've seen the money from the Safaricom transaction. It's yet to hit our reserves position, but I think it's just about to," Thugge told the 23rd East African Banking School Conference. "With such a buffer, we expect the shilling to remain stable."
The remarks came as the CBK released data showing reserves stood at $14.127 billion (approximately Sh1.826 trillion) as of July 9, equivalent to 6 months of import cover, up from $13.173 billion (Sh1.702 trillion) posted a week earlier.
