Well-off individuals and companies seeking to safeguard their wealth tripled their dollar deposits to Sh88.1 billion in dollars in the nine months to November last year when Kenya’s economy was in a Covid-linked slump and the shilling weakened steeply against the greenback.
Latest data by the Central Bank of Kenya(CBK) shows that the value of dollars stockpiled in banks crossed a record Sh714 billion in November compared to Sh625.9 billion in February just before the country reported its first case of Covid-19 infection on March 13 —triggering restrictions to curb the spread of the virus.
