Rich Kenyans shift Sh34 billion in fixed deposits over two months

Cash

Analysts say the trend was triggered by the strengthening of the shilling against the dollar. 

Photo credit: File

What you need to know:

  • CBK data shows that fixed bank deposits held by Kenyans hit a historic high of Sh1.567 trillion in May.

Wealthy Kenyans and companies stockpiled a record Sh33.8 billion in two months in fixed bank deposits in the wake of withdrawals from dollar-based accounts and search for safety for their savings.

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