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Home Economy

Foreign reserves steady as Kenyan markets hold strong

Huldah Matara by Huldah Matara
October 23, 2024
in Economy
Reading Time: 1 min read

The Central Bank of Kenya’s (CBK) weekly bulletin, dated October 18, 2024, highlights a stable economic outlook despite global economic uncertainties. The Kenyan Shilling remained relatively stable against major international currencies, closing at KES 123.20 per US dollar on October 17, compared to KES 129.39 recorded a week earlier. This stability offers relief in light of recent global market fluctuations.

Foreign exchange reserves also remained steady, reaching USD 8.491 million, covering 4.4 months of import requirements. This aligns with the CBK’s statutory goal to maintain reserves sufficient for at least four months of imports, reassuring the market of Kenya’s financial resilience.

On the money market front, liquidity remained robust. The banking sector’s excess reserves stood at KES 4.63 billion during the week, with the average interbank rate settling at 10.18%. The CBK’s consistent oversight continues to provide stability, which is essential in the face of external market pressures.

The bond market, however, saw a subdued performance. Only KES 634.2 million was traded on the secondary market on October 17, a significant drop from KES 11.87 billion in the previous session. The annualized yield on Kenya’s 10-year bond stood at 13.83%, reflecting cautious sentiment among investors amid tighter global financial conditions.

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The Treasury bill auction saw active participation, with the government raising KES 25.11 billion against a target of KES 24 billion, signaling continued investor confidence. The average rate on the 91-day, 182-day, and 364-day bills showed slight variations, reflecting prevailing market dynamics.

Equity markets in Nairobi were mixed, with indices rising by 4.0% on October 17. This was accompanied by increased trading volumes and market capitalization growth, indicating positive sentiment despite global uncertainties.

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Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

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