Weekly Commentary – 9th June 2023
The usable foreign exchange reserves stood at USD 7,532 million (4.15 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover. The World Bank loan facility boosted reserves, lifting the coverage above the shortfall experienced since November 2022. However, it still falls short of EAC region’s convergence criteria of 4.5-months of import cover.