Wealthy Kenyans' dollar stash in banks hit record $7.7bn
The Kenyan shilling’s sharp depreciation against the dollar led to a loss of faith in its strength, with some Kenyans resorting to stashing dollars to maintain their purchasing power. PHOTO | FILE | NMG
Wealthy Kenyans and businesses’ stockpile of dollars crossed the Ksh1 trillion ($7.24 billion) mark for the first time in March amidst a biting shortage that has roiled the foreign exchange market.
Central Bank of Kenya (CBK) data show that foreign currency bank deposits hit a historic high of Ksh1.06 trillion ($7.67 billion) as individuals and big companies sought a safe haven for their wealth.
