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Savers stockpile Sh1.9 trillion in fixed deposit accounts on high rates
The amount of cash deposited in fixed accounts in commercial banks rose by a record Sh224 billion between June last year and June 2024 to hit Sh1.97 trillion.
Savers stockpiled Sh1.97 trillion in fixed deposit accounts in a record frenzy in the year to June 2024, encouraged by the prevailing high interest rates, new data shows.
The amount of cash deposited in fixed accounts in commercial banks rose by a record Sh224 billion between June last year and June 2024 to hit Sh1.97 trillion from Sh1.75 trillion, new data from the Central Bank of Kenya (CBK) shows.
