Monthly Market Commentary – March 2022

During the month, major global markets were mixed as investors continue to monitor developments in the Russia-Ukraine crisis and the Covid-19 outbreak in China. In the USA, the S&P 500 and Dow Jones indices gained by 3.58% and 2.36% respectively from the previous month after the release of the jobs report showing an increase of 490 thousand jobs and the unemployment rate falling to 3.7% suggesting the Federal Reserve can continue to combat inflation without hurting the economy too severely. In Europe, the continental index of STOXX Europe 600 and UK’s FTSE 100 appreciated by 0.61% and 0.77% respectively.

Monthly Market Commentary – February 2022

During the month, the CBK’s usable foreign reserves declined by 1.89% to stand at USD 8.13 billion(4.97 months of import cover).However, 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.

Monthly Market Commentary – December 2021

During the month, the CBK’s usable foreign reserves declined by 4.77% to stand at USD 8.74 billion (5.34 months of import cover). However, 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.

Monthly Market Commentary – November 2021

During the month, the CBK’s usable foreign reserves declined by 4.77% to stand at USD 8.74 billion (5.34 months of import cover). However, 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.

Monthly Market Commentary – September 2021

During the month, the CBK’s usable foreign reserves increased by 5.02% to stand at USD 9.44 billion(5.77 months of import cover). However, 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.

Monthly Market Commentary – August 2021

During the month, the CBK’s usable foreign reserves declined by 3.80% to stand at USD 8.99 billion(5.49 months of import cover). However, 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.

Monthly Market Commentary – August 2021

During the month, the CBK’s usable foreign reserves declined by 3.80% to stand at USD 8.99 billion(5.49 months of import cover). However, 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.

Monthly Market Commentary – June 2021

During the month, the CBK’s usable foreign reserves gained by 8.48% to stand at USD 8.11 billion (4.96 months of import cover). This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.

Monthly Market Commentary – May 2021

During the month, the CBK’s usable foreign reserves declined by 2.40% to stand at USD 7.48 billion (4.57 months of import cover). However, 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.

Monthly Market Commentary – April 2021

During the month, the CBK’s usable foreign reserves gained by 4.36% to stand at USD 7.66 billion (4.70 months of import cover). However, 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.