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Originally published by Capital Businessbusiness
January 22, 2026
2h ago
Forex reserves seen rising to 6.2 months of import cover after Safaricom sale
NAIROBI, Kenya, Jan 22 – The Central Bank of Kenya (CBK) has projected that the proposed partial sale of the government’s stake in Safaricom PLC to Kenya breaking news | Kenya news today |..
✨ Key Highlights
The Central Bank of Kenya (CBK) projects a significant increase in Kenya's foreign exchange reserves to KSh 1.84 trillion by 2026, driven by the proposed partial sale of the government's stake in Safaricom PLC to Vodacom. This transaction aims to boost import cover to 6.2 months, enhancing macroeconomic stability and reducing reliance on domestic borrowing.
- The sale is expected to generate over KSh 240 billion, plus an additional KSh 39.86 billion in upfront payments.
- CBK Governor Kamau Thugge stated that the increased reserves would support a stable exchange rate and contain imported inflation.
- The proposal faces criticism from the Consumer Federation of Kenya (COFEK), citing concerns over foreign control of a strategic national asset, particularly the M-Pesa platform, despite assurances from Treasury Cabinet Secretary John Mbadi and Safaricom CEO Peter Ndegwa.
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