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Originally published by Kenyanstop
July 7, 2026
2h ago
CBK Gets Green Light to Reduce Reliance on Dollar Reserves, Boost Shilling
The new powers signed into law on Monday will see Kenya's reserves get a major boost that will go a long way in boosting the shilling...
✨ Key Highlights
The Central Bank of Kenya (CBK) has been granted new powers to own and trade gold and other precious metals, significantly expanding its reserve management capabilities following the assent of the Central Bank of Kenya (Amendment) Act, 2026 by President William Ruto on Monday.
- The CBK can now buy, sell, import, export, and hold gold as part of its official reserves.
- Key organizations involved are the Central Bank of Kenya (CBK) and the office of the President.
- This move aligns Kenya with the global trend of central banks diversifying reserves into safe-haven assets like gold to hedge against economic uncertainty and geopolitical risks.
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