• Kenya’s foreign exchange reserves increased to $14.59 billion on March 5, up from $12.53 billion a week earlier.

• The reserves now cover about 6.2 months of imports of goods and services, according to the central bank.

• The increase coincides with debt refinancing operations, including a $500 million eurobond buyback.

Kenya’s foreign exchange reserves rose sharply in early March as the government pursued debt refinancing operations.

The reserves reached $14.59 billion on Thursday, March 5, compared with $12.53 billion on Thursday, February 26, according to a bulletin published Friday by the Central Bank of Kenya (CBK). This increase represents a weekly gain of $2.06 billion.

The CBK said the current reserve level allows the country to cover about 6.2 months of imports of goods and services.

Meanwhile, the Kenyan shilling remained broadly stable on the foreign exchange market. The currency traded at 129.20 shillings per U.S. dollar on March 5, compared with 129.02 shillings per dollar one week earlier. The central bank said the currency “remained relatively stable against major international and regional currencies.” The increase in reserves coincides with debt management operations undertaken by the Kenyan government.

Authorities have launched a buyback of $500 million in eurobonds maturing in 2028 and 2032. The government finances the operation through the issuance of a new eurobond with a longer maturity, which forms part of a broader strategy to smooth the country’s debt repayment profile.

The Kenyan government has sought to reduce pressure on public finances through several debt management instruments.

Authorities have extended debt maturities, increased reliance on concessional financing and conducted foreign-exchange swap operations.

Earlier, in October 2025, Kenya raised $1.5 billion on international markets to repay $1 billion in eurobonds due in February 2028 ahead of schedule.

These measures form part of Nairobi’s broader effort to manage external debt obligations while maintaining currency stability and adequate reserve buffers.

Charlène N’dimon