NAIROBI, July 16 (Xinhua) -- Kenya's foreign exchange reserves have increased by 742 million U.S. dollars after the east African nation received a World Bank loan.
Central Bank of Kenya (CBK) data showed on Tuesday that its forex reserves stood at 9.765 billion dollars at the end of last week, from 9.023 billion dollars as of July 4.
This marks a second significant jump in the east African nation's foreign currencies in under two months after the its forex reserves hit an all-time high of 10.06 billion dollars at the end of May following the proceeds of 2.1 billion dollars from Eurobond sold in April.
The World Bank in May approved a 750 million U.S. dollars credit for budget support and the funds were released to Kenya last week.
"The usable foreign exchange reserves remained strong at 9.765 billion dollars, an equivalent of 6.2 months of import cover. This meets the CBK's statutory requirement to endeavor to maintain at least 4 months of import cover," said the central bank in its weekly bulletin.
