The Central Bank of Kenya (CBK) released a weekly bulletin outlining recent monetary and financial developments for the week that ended April 12, 2024. EPRA CEO Daniel Kiptoo (l) President William Ruto (r) and Kenyan currency (c). Shilling and forex reserves remained stable. EPRA will announce fuel prices for April. During the week, CBK announced that the Kenyan currency’s value remained stable against major international and local currencies. The data showed that the Kenya shilling gained slightly against the US dollar during the period under review. “The Kenya shilling remained stable against major international and regional currencies during the week ending April 11. It exchanged at KSh 130.39 per US dollar on April 11, compared to KSh 131.17 per US dollar on April 4,” CBK reported. Table of Kenya shilling exchange rates according to Kenya Revenue Authority data (KRA). The table shows the exchange rates for Kenya shilling against major global and regional currencies. Source: Kenya Revenue Authority. Source: UGC What are Kenya’s foreign exchange reserves? According to the latest CBK disclosures, foreign exchange reserves remained at 3.8 months of import covers, which is the same level recorded in the week that ended on April 4. “The usable foreign exchange reserves remained adequate at USD 7,291 million (3.8 months of import cover) as of April 11. This meets the CBK’s statutory requirement to endeavour to maintain at least 4 months of import cover,” read the CBK disclosure. EPRA’s monthly review of fuel prices The Energy and Petroleum Regulatory Authority (EPRA) conducts a monthly review to set the maximum retail prices for petroleum products. In the previous review, EPRA announced a notable decrease in fuel prices on March 14, with super petrol dropping by KSh 7.21 per litre. EPRA noted that international oil prices significantly influence the landing prices of petroleum products in Kenya, which increases retail prices. EPRA is set to make announcements on new fuel prices on April 14, and this review coincides with a rise in international oil prices. “International oil prices increased during the week ending April 11, mainly reflecting heightened geopolitical risks, particularly in the Middle East. Murban oil price increased to USD 91.09 per barrel on April 11 compared to USD 89.83 on April 4” CBK reported.
by Elijah Ntongai
