Firms caught stockpiling dollars beyond ‘reasonable’ needs face fines of up to Ksh10 million ($68,960) in proposals that seek to stamp out the hoarding of hard currency as the Kenyan shilling depreciates towards the 155 mark.
A draft Bill sponsored by Rongo MP Paul Abuor seeks to criminalise forex hoarding, defined as the accumulation of foreign currency for speculative purposes beyond ‘reasonable’ needs. It, however, does not properly define what constitutes ‘reasonable’ needs.
