Kenya forex reserves to rise on Safaricom stake sale, Eurobond proceeds
Last week, the government raised Sh290.3 billion through a Eurobond sale. Part of the proceeds will finance a Sh64.5 billion buyback of existing Eurobonds under a liability management exercise, while the remainder will support budgetary needs and reinforce external buffers. Kenya..
✨ Key Highlights
Kenya's foreign exchange reserves are poised for a significant boost from two major financial operations: the government's partial sale of its stake in Safaricom and proceeds from a recent Eurobond issuance.
- The inflows are expected to bolster reserves by approximately Sh446.6 billion ($3.4 billion).
- Key entities involved are the Kenyan Government, Safaricom, and the Central Bank of Kenya (CBK).
- The CBK reported existing reserves at Sh1.63 trillion ($12.66 billion), covering 5.5 months of import needs, exceeding the statutory minimum of four months.
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Kenya Economic Developments: CBK, CEOs, and Trade - February 2026
Kenyan CEOs express optimism for 2026 business growth driven by a stable economy and declining interest rates. Kenya's forex reserves are expected to rise from the government's partial sale of its stake in Safaricom and proceeds from a recent Eurobond issuance. A Central Bank of Kenya survey reveals that Kenyan firms were negatively impacted by the US 10 percent global tariff introduced last year.
