Kenya's dollar market distortion eases after president's order
Kenyan President William Ruto who on March 22 ordered for the revival of the interbank foreign exchange market in an effort to remove distortions in the country’s market that had exacerbated the shortage of foreign exchange. PHOTO | DIANA NGILA | NMG
The biting dollar shortage in Kenya has eased following the revival of the interbank currency market on orders from the country’s state house.
Bulk buyers of dollars have witnessed increased availability of the greenback in recent days, a marked departure from market conditions that saw banks run out of the US currency on some days as others imposed a daily cap on dollar purchases of as little as $5,000 (Ksh678,750).
