Now Its official Bank are Making a killing from the volatile Shilling I dont think we need to go far to see the guys manipulating the shilling with speculative tendencies.If we have banks participating actively in forex trading what do you expect from the shilling.I think Banks are to blame for the volatile shilling and CBK should do something to cap this behavior as it affects majority of kenyans due to over reliance on Imports.
Quote:Commercial banks grew their foreign exchange income by 73 per cent in the first three months of the year helped by a volatile Shilling that has seen importers count billions in losses while exporters pocketed gains.
About nine banks that are most active in the foreign currencies market saw their forex trading income increase by Sh1.3 billion to Sh3.6 billion, according to the lenders’ published results for the first quarter.
Quote:The local banking industry has steadily grown foreign exchange trading income in the last eleven years from an industry total of Sh3 billion in 2000 to over 12 billion last year, with smaller banks moving to strengthen their trading desks with more capital outlays in a bid to tap the increased incomes.
http://bit.ly/lEVUAU'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3