Regulatory Alerts2016-10-19 | 173352940Banking Circular No 11 of 2015 - Interbank Foreign Exchange Market
The minimum amount for interbank foreign exchange trades is USD 500,000, with prices quoted for this amount. Smaller trades can be executed on a market taker basis but are not considered interbank. This clarification is communicated to all commercial banks by the Assistant Director of the Financial Markets Department.
P.O. Box 60000-00200 Telephone: 2860000, Fax: 3 BANKING CIRCULAR NO. 11 OF 2015 TO: ALL CHIEF EXECUTIVES OF COMMERCIAL BANKS
Interbank Foreign Exchange Market
Further to circular no. 10 of 2015, we would like to clarify the following:
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The minimum amount that can be traded in the interbank market shall be USD 500,000. This applies to all interbank trades including those executed by inter-dealer brokers. Banks wishing to trade amounts smaller than the set minimum can do so on a market taker basis and such trades will not be considered interbank.
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Prices quoted by banks in the interbank market are good for USD
500,000.
John K Birech Assistant Director, Financial Markets Department 03 August 2015