Afpedia Products For Sellers For Buyers Trade Shows Industrial Cluster

Online Translation

Sign In

Join Now

Help

简体中文

Kenyan banks foreign currency deposits has risen by embracing Chinese yuan

Kenyan banks foreign currency deposits has risen by embracing Chinese yuan

Photo from Internet


The amount of foreign currency in Kenyan banks has risen considerably by embracing the Chinese yuan.

The East African nation's banks foreign currency deposits rose from 5.14 billion U.S. dollars in May to 5.74 billion dollars in June, Central Bank of Kenya data showed Wednesday.

The foreign reserves have been on an upward trend in the second quarter where they crossed the 5 billion dollars mark in May. In April, the reserves stood at 4.7 billion dollars.Initially, Kenyan banks kept their foreign reserves mainly in dollars, British pound and euro.

However, increased bilateral ties between Kenya and China has seen a number of the 42 commercial banks in the East African nation adopt the yuan, which analysts cite as part of the reason for the surge in foreign deposits.

Last month, the Kenyan Bankers Association (KBA) asked members to raise their stock of the Chinese currency to cater for the increased China-Kenya trade.

KBA chief executive Habil Olaka said the yuan has become important in settling financial transactions, prompting Kenyan banks to set up China-dedicated desks and increase stock.Banks with yuan desks include Equity Bank, Standard Chartered Bank, Stanbic Bank and National Bank.

There is a lot of trade now and the Chinese currency is becoming medium of transacting between entities.

Advertising
As an authority of media industry, we can provide you integrated brand communication on your products! Reasonable advertising prices will let you enjoy great over-valued service!”
Customized Service
Customized information such as product prices, company trends, market forecasts, price curves, etc. will help you fully grasp the latest trend!
Investigation
Tailor-made, in-depth, professional research reports which will explore the business opportunities is your effective decision-making reference!
Data
Professional and accurate trade data will help you break through the export bottleneck of products, track peer dynamics, and grasp industry trends!
Others

Buyers Suppliers

Hot Search