CBK orders banks to ration scarce dollars

CBK Governor Patrick Njoroge. PHOTO | SALATON NJAU | NMG

The Central Bank of Kenya (CBK) has directed commercial banks to ration dollars following a shortage of the US currency and the race to protect reserves, hitting manufacturers and general goods importers.

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.

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