{"id":26741,"date":"2021-04-28T20:10:07","date_gmt":"2021-04-28T20:10:07","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=26741"},"modified":"2021-04-28T17:38:21","modified_gmt":"2021-04-28T17:38:21","slug":"wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","title":{"rendered":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash"},"content":{"rendered":"

Africa-Press<\/a> – Kenya<\/a>. <\/strong><\/span>The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held in foreign currencies.<\/p>\n

According to the recent report by CBK, the bank noted that in 2020 the amount increased by Ksh137 billion, the highest annual jump.<\/p>\n

The previous year, the amount had increased by only Ksh49 billion to hit Ksh625 billion.<\/p>\n

Economic analysts have explained that the rush to store money in foreign currencies such as the dollar is meant to protect the value of the cash.<\/p>\n

The shilling is currently trading at a little above Ksh107 against the dollar which has been weakening as compared to past years.<\/p>\n

The shilling weakened by 5.73% against the dollar in March 2021 compared to February 2020<\/p>\n

When the shilling continues weakening, the value of the cash held by the rich individuals and companies also plummets.<\/p>\n

\u201cThe confidence in local currency is even weaker than it was about a year ago, especially looking at the nuances such as growing debt levels,\u201d commented Kenneth Minjire a senior associate at AIB-AXYS Africa.<\/p>\n

Wealthy Kenyans and companies have also been hoarding huge amounts of cash fearing to invest in the slumping economy.<\/p>\n

\u201cIt now pushes banks to try and find more ways of employing these funds for a return given the tight rules around dollar lending,\u201d Minjire added.<\/p>\n

In terms of local currency, Kenyans are holding a total of Ksh4.03 trillion, translating to a 12% jump from Ksh3.55 trillion.<\/p>\n

This means that Kenyan households and businesses were on average adding Ksh1.32 billion daily on their deposits, up from Ksh61.5 million that was being recorded in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held in foreign currencies. According to the recent report by CBK, the bank noted that in 2020 the amount increased by Ksh137 billion, the highest annual jump. The previous year, the amount had increased […]<\/p>\n","protected":false},"author":84,"featured_media":26740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-26741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nWealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash - kenya<\/title>\n<meta name=\"description\" content=\"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-28T20:10:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash\",\"datePublished\":\"2021-04-28T20:10:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\"},\"wordCount\":276,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\",\"name\":\"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash - kenya\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg\",\"datePublished\":\"2021-04-28T20:10:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg\",\"width\":720,\"height\":360,\"caption\":\"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/kenya\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/\",\"name\":\"kenya\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash - kenya","description":"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","og_locale":"en_US","og_type":"article","og_title":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash","og_description":"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...","og_url":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","og_site_name":"kenya","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-04-28T20:10:07+00:00","og_image":[{"width":720,"height":360,"url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash","datePublished":"2021-04-28T20:10:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash"},"wordCount":276,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg","keywords":["Africa Press","Africa Press-Kenya","Kenya"],"articleSection":["all news","economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","url":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash","name":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash - kenya","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg","datePublished":"2021-04-28T20:10:07+00:00","author":{"@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Central Bank of Kenya (CBK) has reported that wealthy people and companies have accumulated Ksh779 billion cash held ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#primaryimage","url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg","contentUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/04\/img-60899d7271814.jpg","width":720,"height":360,"caption":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/wealthy-kenyans-rush-to-protect-ksh700-billion-in-foreign-cash#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/kenya\/"},{"@type":"ListItem","position":2,"name":"Wealthy Kenyans Rush to Protect Ksh700 Billion in Foreign Cash"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/kenya\/#website","url":"https:\/\/www.africa-press.net\/kenya\/","name":"kenya","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/26741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/comments?post=26741"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/26741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media\/26740"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media?parent=26741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/categories?post=26741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/tags?post=26741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}