Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ration Dollars – Africa Bitcoin News

Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate.

Despite the CBK’s contention that the country had sufficient foreign reserves, an unnamed executive with a local manufacturing company suggested that the situation is getting worse. The executive added that while some fortunate businesses have secured as much as $50,000, these funds are still far below what they need.Meanwhile, the report suggested that top Kenyan firms are now sourcing dollars from forex-rich firms such as those in the hospitality and aviation industry. Also, instead of using the official exchange rate of 127.39, the firms are reportedly using a higher rate of 137 shillings for every dollar.

Source: Digital Coin News (digitalcoinnews.net)

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