Shilling decline boosts value of dollar holdings

A trader counts coins at his kiosk in Nyeri. PHOTO | JOSEPH KANYI | NMG

Rich Kenyans stacked up Sh798.7 billion in dollar accounts in November as depositors turn back to the dollar for higher returns and depreciation of the country’s currency shores up the value of greenback holdings.

Latest Central bank of Kenya data shows dollar deposits have surged 7.1 per cent from a low of Sh745.4 billion in May.

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