Rich Kenyans cut dollar accounts, shift Sh34 billion to fixed deposits

Wealthy Kenyans and companies stockpiled a record Sh33.8 billion in two months in fixed bank deposits in the wake of withdrawals from dollar-based accounts and search for safety for their savings.

Central Bank of Kenya (CBK) data shows that fixed bank deposits held by Kenyans hit a historic high of Sh1.567 trillion in May, up from Sh1.533 trillion in March.