The Central Bank of Kenya (CBK) has revealed that approximately $600 million (Sh77 billion) of the country’s foreign exchange reserves is currently encumbered, meaning it’s tied up as collateral for various financial commitments.
However, CBK Governor Kamau Thugge has assured Kenyans that the usable portion of the reserves, at $8.1 billion (Sh1.044 trillion), remains adequate for the country.
This meets the minimum target of four months of import cover set by the East African Community (EAC).
CBK projects these reserves to reach $8.6 billion (Sh1.1 trillion) by year-end.
The overall foreign exchange reserves have increased to $8.299 billion as of October 9, compared to $7.744 billion (Sh993.3 billion) in September.
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