Kenya: Central Bank of Kenya Imposes Daily Limits on Dollar Sales by Remittance Firms

The Central Bank of Kenya has introduced a daily cap of $100,000 on the amount of dollars that money transfer companies can sell to an individual customer. According to a letter from the central bank to these firms dated Wednesday, any hard currency amounts exceeding $100,000 must now be sold exclusively to commercial banks.

This measure comes in response to observed non-compliance by these firms with the guidelines, standards, and codes governing the wholesale foreign exchange market. The central bank has enacted this change to promote a fair and well-regulated market environment.

Over the past year, the Kenyan shilling has faced persistent pressure from the U.S. dollar.