Kenya's rich investors, businesses' dollar deposits rise to $7.27 billion
Kenyan investors have opted to open foreign currency-dominated accounts in the hope of making gains from the sharp fall in the shillings against major currencies like the dollar and the pound. PHOTO | SHUTTERSTOCK
Wealthy Kenyans and businesses’ stockpile of dollars nearly touched a trillion in February amidst a biting shortage that has disrupted purchases of critical raw materials from the global market.
Central Bank of Kenya (CBK) data show that foreign currency bank deposits hit a historic high of Ksh987.7 billion ($7.27 billion), just Ksh13 billion ($95.7 billion) shy of the trillion mark as individuals and big companies sought a safe haven for their wealth.
