Thursday, Sep 24, 2020
HomeEconomyCBK embarks on buying dollars from commercial banks to boost currency

CBK embarks on buying dollars from commercial banks to boost currency

CBK cuts benchmark lending rate to 7% from 7.25%

The Central Bank of Kenya has embarked on buying dollars from commercial banks to boost Kenya’s foreign currency reserves.

This is in preparation for heightened volatility and uncertainty in the global economy that has especially been sparked off by the coronavirus crisis. The CBK aims to buy up to $100 million per month between the month of March and June.

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Digital Desk, Metropol TV

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