2023-03-22

Banking Circular No.1 of 2023 - Issuance of the Kenya Foreign Exchange Code

The Central Bank of Kenya (CBK) has issued the Kenya Foreign Exchange Code to commercial banks, effective from March 23, 2023. The FX Code is based on six leading principles: Ethics, Governance, Execution, Information Sharing, Risk Management and Compliance, and Confirmation and Settlement Processes, derived from the Global Foreign Exchange Code (Global Code). This code aims to strengthen integrity and improve functioning in Kenya's foreign exchange market. Banks must conduct a self-assessment by April 30, submit an implementation plan by June 30, and be fully compliant by December 31, 2023.

Kenya

Central Bank of Kenya

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