Kenya election

Central Bank of Kenya (CBK) data shows that foreign currency bank deposits held hit a historic high of Ksh891.5 billion ($7.4 billion) in June, up from Ksh829.5 ...

The extra Ksh63 billion ($527.8 million) in dollar deposits reflected a 7.6 percent increase and shows that the jump was not influenced by the strengthening of the greenback against the shilling, which shed 1.7 percent against the US currency in June. The Ksh63 billion ($527.8 million) increase in dollar deposits, equivalent to Ksh2.1 billion ($17.5 million) daily, is an indication that rich individuals and big companies sought a safe haven for their wealth in the wake of uncertainty linked to the polls. Well-off individuals and companies banked a record Ksh63 billion ($527.8 million) more in dollar accounts in June as they searched for safety for the investments ahead of this week’s elections.