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Kenyan banks forecast lower forex income from volatile Q1

Otiato Guguyu

Otiato Guguyu, a business and data journalist from Kenya, covers banking, technology, and economic issues.
  • Kenyan banks report reduced forex earnings as the shilling stabilises.
  • Analysts expect a further decline in forex income following regulatory shifts.

 

Nairobi, Kenya – Kenyan banks are reporting a decline in forex income for the first quarter of 2024, a period rocked by currency volatility that saw the dollar exchange rate to the local unit move from 160 units to 131 within three months.

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