Regulatory Alerts2023-08-29
Added · Updated
Banking Circular No 7 of 2023 - Changes to Operations in the Interbank Foreign Exchange Market
The Central Bank of Kenya announces changes in operations for the foreign exchange interbank market, effective immediately. These alterations include a tenor limit of 6 months or more on swaps involving non-resident banks; unrestricted tenors for swaps between residents (including within the East African Community); permission to use electronic brokerage systems; and a reduced minimum trade amount in the interbank market from USD 500,000 to USD 250,000. These updates aim to streamline and improve operations within the market.
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