The value of dollar deposits in commercial banks rose by Ksh61 billion ($415 million) in July to a new record high of Ksh1.246 trillion ($8.47 billion), continuing the sharp expansion in value seen this year on a weakening shilling.
Financial data published by the National Treasury in its Draft 2023 Budget Review and Outlook Paper shows that the deposits exceeded the level seen a year earlier by 37.8 percent, double the growth rate seen in the year to July 2022.
