The Central Bank was said to have sold an unspecified amount of dollars on Thursday from its 9.14 billion dollars forex reserves to bolster the shilling. The move is believed to have helped the shilling stabilize. On Friday, commercial banks quoted the local currency at between 101.00 and 101.20...
Central Bank said it had cut the rate to support economic activity, adding that the foreign exchange market was currently stable, with Kenya's forex reserves hitting an all-time high of 8.83 billion dollars. The apex bank said the reserve provided an adequate buffer against any foreign exchange...
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The central bank recently tightened forex controls and increased dollar sales to curb the depreciation of the nuevo sol. Velarde continues to act decisively to face domestic and global risks. UNITED STATES Janet Yellen | GRADE: A- Janet Yellen finessed the difficult task of bringing quantitative...
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For this service, Bitpesa would charge a flat 4% fee for the service with no hidden forex fees and an assurance your suppliers bank account in Nigeria will be credited within hours. On the Nigerian end, Bitpesa would use their pool of funds in a Naira bank account, or from a ba...
In the year ending June 2023, CBK collected Sh66 million in fines and penalties from banks and forex bureaus. The CBK has over the years enhanced surveillance and financial penalties on offending banks and their employees, looking to enhance the stability of the sector in the wake ...
“I want to see a functional and vibrant interbank forex market. Right now, it is not working,” said Dr Koech during her approval hearings. The muted interbank forex market has been partly blamed for the dollar shortage that has seen some banks run out of the greenback in some days. ...
The Bank of Uganda lowered the central bank rate by a full percentage point to 14% in August, citing the stability of the exchange rate and a gradual dampening of inflationary pressures this year. It was the third interest rate cut in 2016, totaling three percentage points. However, weak de...
The Central Bank of Kenya, on the other hand, placed the shilling at 101.00, a huge fall from Wednesday's level of 100.80. Forex traders pointed the decline to huge demand for dollars by manufactures and oil dealers to meet end month purchases of imports. ...