Regulatory Alerts2015-07-24 | 60162827Banking Circular No 10 of 2015 - Interbank Foreign Exchange Market
The Central Bank of Kenya has announced changes to inter-bank market operations to promote efficiency and transparency in the foreign exchange market. These changes include a minimum price for inter-bank trade of USD 500,000, specific dealing times, a maximum spread between indicative two-way quotes, and requirements for banks' indicative quotes on Reuters or Bloomberg screens. These regulations are effective immediately.
KENYA July 23rd, 2015 Haile Selassie Aver P. O. Box 60000 - 00200 Nairobi, K Telephone: 2860000, Fax: 34019 BANKING CIRCULAR NO.10 OF 2015 TO: ALL CHIEF EXECUTIVES OF COMMERCIAL BANKS AND MICRO FINANCE BANKS
Inter-Bank Foreign Exchange Market
The Central Bank of Kenya announces the following changes and clarifications related to the inter-bank market operations to promote efficiency and transparency in the foreign exchange market :-
-
Minimum price for inter-bank trade shall be USD 500,000 2. Inter-bank Foreign Exchange Market dealing time starts at 8:30 am and ends at 4:30 pm from Monday to Friday.
-
Maximum spread between the indicative two-way quote shall be KES 20 Cents.
-
Bank's indicative two-way quote on Reuters's or Bloomberg screen must reflect the most current rates during trading hours.
This notification takes effect immediately.
GERALD A. NYAOM DIRECTOR FINANCIAL MARKETS