Foreign-currency deposits reach 1,520 billion shillings in Kenya
By the AFREEQUE newsroom, based on Business Daily
Wealthy households and companies in Kenya hold a record 1,520 billion shillings in foreign-currency deposits at commercial banks. These holdings in dollars, euros and pounds sterling rose by 240.57 billion shillings in a year, according to data from the Kenya National Bureau of Statistics reported by Business Daily.
Foreign-currency deposits held by wealthy Kenyan households and companies reached a record 1,520 billion shillings (about 1,520 billion Kenyan shillings) in commercial banks. These holdings, denominated in US dollars, euros and pounds sterling, rose by 240.57 billion shillings year on year, according to data from the Kenya National Bureau of Statistics (KNBS) reported by the Nation Media Group.
This was the largest annual increase recorded in several years. Depositors are seeking to protect their savings by holding them in foreign currencies, according to the Nation Media Group.
