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Foreign currency loans, deposits fall by Sh505bn
The share of Kenya’s total foreign currency liabilities stood at 34.9 percent as of September 2023, beating the median of 31.6 percent for emerging and developing economies.
The value of foreign currency loans and deposits held in local banks fell by Sh504.9 billion in three months ended March on the backdrop of a strengthening Kenya shilling, easing concerns about the lenders’ exposure to external risks.
Deposits in foreign currency fell sharply in the period, dropping to Sh1.63 trillion from Sh1.91 trillion in December 2023 as gains in local currency depleted the holdings of offshore notes in Kenya shilling terms.
