Kenya's foreign exchange reserves reached Ksh1.82 trillion as of July 2, strengthening the shilling against the dollar.
According to the Central Bank of Kenya, the reserves stood at USD14.05 billion as of July 2, enough to cover six months of imports. The shilling traded at Ksh129.30 against the dollar in the week ending July 2, slightly stronger than Ksh129.63 the previous week.
The increase followed the partial sale of shares in one of Kenya's largest telecommunications companies. Kenya is also expected to receive an additional Ksh96.9 billion from the World Bank after its Executive Board approved fresh financing.
Inflation eased to 6.4 per cent in June from 6.7 per cent in May, with global geopolitical tensions easing after a preliminary ceasefire between the United States and Iran.
