Kenyans hold Sh905bn in dollars as shortage bites

Money-dollars

Kenyans were holding onto a record Sh905 billion worth of dollar deposits in local banks as at July. FILE PHOTO | NMG

Kenyans were holding onto a record Sh905 billion worth of dollar deposits in local banks as at July, even as importers continued to struggle to raise foreign currency from the local market to fund purchases.

Latest Central Bank of Kenya (CBK) data showed dollar deposits jumped 19.6 percent from Sh755.9 billion at the beginning of the year, crossing the Sh900 billion mark for the first time.

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