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Kenyan corporates and affluent investors strategically increased the dollar share of their bank deposits to 70%, reaching a substantial $8.6 billion by September 2023, as revealed by the latest data from the Central Bank of Kenya (CBK).
The surge in foreign currency deposits, led by commercial banks, aligns with the ongoing challenges in securing critical raw materials from the global market due to a biting shortage. The shift to a 70% share in forex deposits reflects a steady climb from 56% recorded in the second and third quarters of 2019, highlighting a proactive response to currency fluctuations and economic dynamics.
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