The value of dollar deposits in commercial banks climbed to a new all-time high of Ksh1.185 trillion ($8.3 million) by the end of June on the back of the depreciating shilling, rewarding account holders with double-digit capital gains on their hard currency stock.
New data from the Central Bank of Kenya (CBK) shows that the shilling equivalent of these deposits rose by Ksh93 billion ($651.72 million) in June alone, boosting the year-to-date growth in value to 28.7 per cent or Ksh264 billion ($1.85 billion).
