Kenya shilling free fall slows after CBK reins in banks
Wednesday November 22 2023
The Kenya shilling could finally be finding a new footing after it slowed down its monthly free fall to one percent. PHOTO | POOL
The Kenya shilling could finally be finding a new footing after it slowed down its monthly free fall to one percent so far in November from the 4.3 percent in March, weeks after the banking sector regulator asked for an explanation from ten banks on why they were selling dollars exorbitantly.
A tracking of commercial dollar rates offered by four banks, including Equity, NCBA, I&M and Stanbic by the Business Daily also shows that the spread, the difference between buying and selling halved to a mean of 5.8 units this week compared to 10.4 in April as the delta shrinks from the peak of 16 units.
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