Sh78b IMF facility lifts forex reserves

Kenya’s foreign exchange reserves surged to a four-month high after the government’s account was credited with a Sh78 billion loan from the International Monetary Fund (IMF).

The country’s stock of foreign currency - critical for meeting its external obligations such as imports and payment of external debt - stood at $8,532 million (Sh904 billion) as at May 15, according to Central Bank of Kenya (CBK) data.