Kenyan forex reserves hit record 9.50 billion USD

NAIROBI, April 23 (Xinhua) -- The Kenyan foreign exchange reserves have risen by a record 662 million U.S. dollars to clock an all-time high of 9.495 billion U.S. dollars, an equivalent of 6.35 months of import cover, Central Bank data released on Monday shows.

The dollar reserves increase was buoyed by a rise in inflows from the horticulture sector and off-shore investors at the debt market.

The huge foreign exchange reserves have helped to buttress the shilling, which closed the week on Friday at a near three-year high of 100.25 against the dollar. Enditem