The Kenyan shilling depreciated further on the day the banking sector regulator effected a new foreign exchange code that promises stringent penalties against those caught manipulating the forex market.
Bank executives told the Business Daily in confidence that while they had been expecting a new code to be issued in due course—and had even been participating in its preparation through working groups—the move by the Central Bank of Kenya (CBK) to issue and enforce it came before they had finalised their submissions on the same.
