Kenyan multinational banks increased their lending to affiliate companies abroad by 61 percent in the six months to June compared to the corresponding period last year, raising concerns about Kenyan forex deposits funding external assets.
Filings by banks show that the lenders with external parents had lent affiliates in foreign markets a total of Ksh177.7 billion ($1.22 billion) by the end of June, up from Ksh110.5 billion ($760 million) a year earlier.
