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The CBK’s usable foreign exchange reserves remained adequate at USD 8,773 million (5.36 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.
During the month, the CBK’s usable foreign reserves increased by 5.02% to stand at USD 9.44 billion(5.77 months of import cover). However, this meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.