CBK seen holding rates on easing inflation, forex pain Apr 03 - Economy CBK hits borrowers with highest loan rate in 12 years Feb 07, 2024 -1 min read “Monetary policy is expected to turn more accommodative in the medium term as inflation dynamics continue to decelerate, adva...
The Central Bank of Kenya (CBK) has revoked the license of Legacy Forex Bureau. In a Gazette Notice No. 101, the Government’s fiscal agent has taken this action under section 33D (1) of the CBK Act. Under the law, the CBK may pull the plug on a forex exchange bureau in cases wh...
The deficit stood at 5.4 percent of gross domestic product (GDP) for the year, preliminary data from the Central Bank of Kenya (CBK) shows. The current account measures the difference between a country’s forex inflows and outflows, falling into deficit when outflows are higher. Hig...
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“MRPs will therefore be required to only sell FX, in excess of USD 100,000 or its equivalent to commercial banks,” said Mr Nyaoma in the circular. There are 20 institutions licensed by the CBK to conduct money remittance as well forex business, with the oldest being Dahabshill M...
The exchange rate has, however, been a sensitive issue, with most players preferring silence for fear of reprisals from the central bank. “The interbank market, which as the wholesale platform for forex trading should be determining the pricing, has become inefficient. This uneve...
The move was meant to make Kenya’s financial assets attractive to foreign investors, in the process attracting dollar inflows, which would support the currency in the forex market. These are the inflows that the IMF reckons are under threat if the country lowers its interest rates....
Last December, the IMF, which had in an earlier report accused CBK of managing the country’s currency, noted that Kenya’s exchange rate should function as a shock absorber. This, the IMF added, should be supported “by a well-functioning interbank FX market, with forex interventions (...
A number of currency traders and importers say banks have imposed a daily cap on dollar purchases as firms struggle to obtain adequate forex to meet their obligations. This has forced industrialists to start seeking dollars in advance as the shortage puts a strain on supplier relations and the ...
“The [forex] market generates and distributes something like $2 billion every month. So if you have somebody or a sector which is importing $90 million or $100 million, I think that’s nowhere near the $2 billion that we are putting out there,” the CBK boss said. ...