Kenya has enough foreign exchange reserves worth U$14.59 billion (Sh1.88 trillion) capable of providing import cover for a period of over six months.

The Kenya Central Bank said in it’s weekly bulletin that the reserves remain well above the statutory requirement of at least four months of import cover, signalling a stable external position.

The increase follows proceeds from the government’s recent Eurobond issuance, which strengthened the country’s external buffers and boosted its capacity to support the Kenyan Shilling and meet international financial obligations.

The country’s financial regulator said the reserves stood at U$14,597 million as of March 5, up from U$12.53 billion about a week earlier.

“The foreign exchange reserves remained adequate at U$14,597 million (6.2 months of import cover) as of March 5,” the CBK said in the bulletin.

“This meets CBK’s statutory requirement to endeavour to maintain at least four months of import cover.”