NAIROBI, March 31 (Xinhua) -- Kenya's foreign exchange reserves rose by 55 million U.S. dollars this week to hit an all-time high of 8.85 billion dollars, an equivalent of six months of import cover, Central Bank data showed Saturday.
The reserves swelled from 8.79 billion dollars, an equivalent of 5.87 months of import cover, boosted by increased inflows from off-shore investors buying government Treasury bonds at the debt market.
The latest surge is the second in weeks, with the huge foreign exchange reserves being a positive step towards having a stable local currency, according to analysts.
On March 16, the East African nation's gross foreign exchange reserves had swelled by 1.7 billion dollars to stand at 8.83 billion dollars, a huge leap from 7.16 billion dollars, as the country received part of the proceeds of its 2 billion dollars Eurobond.
But they declined to 8.79 billion dollars last week as the East Africa biggest economy met dollar demand from importers and the Central Bank buttress the shilling.
Normally, the apex bank sells dollars to prop up the local currency in case it faces pressure from international currencies.
The Kenyan shilling closed the week on Thursday ahead of the Easter break stronger against the dollar at 100.85 boosted by rising dollar inflows.
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