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Kenyan forex reserves steady at 9.1 bln USD on high inflows

Source: Xinhua   2018-05-22 18:43:12

NAIROBI, May 22 (Xinhua) -- Kenya's foreign exchange reserves have stabilized at an average of 9.1 billion U.S. dollars on steady inflows from agriculture, offshore investors and diaspora remittances.

The gross reserves have for over one month stayed above the 9.1 billion dollar mark, an equivalent of 6.2 months of import cover, despite increased dollar demand from importers.

During the period, inflows from the agriculture sector, in particular horticulture, investors buying Treasury bonds and diaspora remittances have been high.

The country's horticulture export inflows, according to analysts, have been driven by increasing production and improving global prices.

On the other hand, remittances from Kenyans overseas have risen 51 percent as compared to last year, helping to bolster the reserves.

"Diaspora remittances increased by 50.6 percent to 222 million dollars in March, from 148 million dollars in March 2017," Cytonn, a Nairobi-based investment firm, said on Tuesday.

In 2017, diaspora remittances were the east African nation's largest foreign exchange earner, at 2.03 billion dollars, exceeding tea exports and tourism receipts, which earned 1.2 billion dollars and 1.4 billion dollars respectively.

On the debt market, the Central Bank notes that government securities, namely Treasury bills and bonds, have maintained good performance for the past week.

Subscriptions for the securities have increased for the past four straight weeks, hitting 170 percent last week.

Editor: Li Xia
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Kenyan forex reserves steady at 9.1 bln USD on high inflows

Source: Xinhua 2018-05-22 18:43:12

NAIROBI, May 22 (Xinhua) -- Kenya's foreign exchange reserves have stabilized at an average of 9.1 billion U.S. dollars on steady inflows from agriculture, offshore investors and diaspora remittances.

The gross reserves have for over one month stayed above the 9.1 billion dollar mark, an equivalent of 6.2 months of import cover, despite increased dollar demand from importers.

During the period, inflows from the agriculture sector, in particular horticulture, investors buying Treasury bonds and diaspora remittances have been high.

The country's horticulture export inflows, according to analysts, have been driven by increasing production and improving global prices.

On the other hand, remittances from Kenyans overseas have risen 51 percent as compared to last year, helping to bolster the reserves.

"Diaspora remittances increased by 50.6 percent to 222 million dollars in March, from 148 million dollars in March 2017," Cytonn, a Nairobi-based investment firm, said on Tuesday.

In 2017, diaspora remittances were the east African nation's largest foreign exchange earner, at 2.03 billion dollars, exceeding tea exports and tourism receipts, which earned 1.2 billion dollars and 1.4 billion dollars respectively.

On the debt market, the Central Bank notes that government securities, namely Treasury bills and bonds, have maintained good performance for the past week.

Subscriptions for the securities have increased for the past four straight weeks, hitting 170 percent last week.

[Editor: huaxia]
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