Kenya banks book $100m forex gain from foreign units
Tier one banks recorded currency gains worth $100.14 million in the first half of the year due to the shilling’s depreciation against the local currencies. PHOTO | SHUTTERSTOCK
Kenya's tier one banks recorded currency gains worth Ksh14.5 billion ($100.14 million) in the first half of the year due to the shilling’s depreciation against the local currencies of regional subsidiaries, boosting the value of their earnings, dividends and assets.
This was a nearly four-fold rise compared to the gains worth Ksh3.96 billion ($27.35 million) reported in the first half of last year.
