Safaricom stake sale to lift Kenya’s forex cover to seven months

CBK Governor Kamau Thugge said the inflows will significantly strengthen Kenya's external buffers...

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Kenya's foreign exchange reserves are set to significantly increase following the government's sale of its Safaricom stake, boosting the country's import cover.

Forex reserves are expected to reach approximately Sh2.1 trillion (nearly $16 billion), representing about seven months of import cover.
The Central Bank of Kenya (CBK) and National Treasury Cabinet Secretary John Mbadi are key figures in managing and announcing these financial developments.
The government's sale of a 15 percent stake in Safaricom to South Africa's Vodacom Group is the catalyst for these inflows.

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