Money remittance providers (MRPs) will now be required to sell all daily foreign exchange currency above $100,000 (Sh14.7 million) to banks in line with the Central Bank of Kenya (CBK) order that hands advantage to lenders.
The firms, which provide cash remittance services to those living abroad and also conduct foreign exchange business, will be required to sell any hard currency amounts exceeding $100,000 only to commercial banks, in what CBK termed as a move to create a “fair and orderly” market.
