Kenya's forex reserves increased by $324 million last week, crossing $9.2 billion attributable to more dollar inflows from exports and the continued strengthening of the shilling.

According to an updated on Friday by the Central Bank of Kenya (CBK), forex reserves hit $9.22 billion on February 6, offering the country up to 4.7 months of import cover. This was an increase from the $8.88 billion reported during the previous week.

Last week's increase in U.S. dollar reserves surge marks the third rise in a row, with the reserves at $8.65 billion on January 23.

According to the CBK, the country has continued to experience higher inflows from exports, tourism and diaspora remittances. 

Latest statistics show that inflows from goods' exports increased by 15.4 percent, tourism by 14.6 percent and diaspora remittances went up by 18 percent last year.

Over the period, these increase in inflows has been augmented by receipt of dollars from the the International Monetary Fund (IMF), CBK Governor Kamau Thugge noted on Thursday last week during a press briefing.

"The foreign exchange reserves continue to provide adequate cover and a buffer against any short-term shocks in the foreign exchange market," Dr. Thugge explained.

Since late last year, the local currency has remained stable against the U.S. dollar, exchanging at 129.19 at the close of trading last week.

In its latest review, the CBK's Monetary Policy Committee lowered the base lending rate to 10.75 percent from 11.25 percent to help revive the economy.

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