Kenya's Central Bank Records Record Forex Reserves Amid Surge in KCB Share Purchases

The Central Bank of Kenya announced that the country's foreign‑exchange reserves rose to a record $15.4 billion, up from $13.85 billion the week before. The increase was driven mainly by proceeds from the government’s partial divestiture of its stake in Safaricom and is expected to be bolstered further by an $855 million inflow from South African lender Nedbank’s acquisition of a 66 % stake in a Kenyan bank. The new reserve level provides coverage for 6.4 months of imports, exceeding the statutory minimum of four months.

In the same period, Kenyan retail investors purchased an additional 9.72 million shares of KCB Group, worth about Sh836 million, raising their collective holding to 24.73 % of the bank. The purchases came as KCB reported a 10.7 % rise in net profit to Sh17.8 billion for the quarter ended March 2026 and increased its dividend to Sh7 per share. Institutional owners, including the National Treasury and the National Social Security Fund, also adjusted their stakes.