Thursday, September 28, 2023

CBK: Gachagua lying about forex shortage for oil marketers

The Central Bank of Kenya (CBK) had refuted claims by Deputy President Rigathi Gachagua that there was no forex in Kenya for oil marketers to import fuel over the weekend.

Gachagua, during an interview on Citizen Tv had alleged that Kenya was facing a forex crisis.

“Tumekosa maneno ya foreign exchange hata jana pale katika Benki Kuu hakukuwa na zile pesa za kigeni za kutosha kuagiza mafuta kutoka nchi za nje (We have insufficient foreign exchange and the Central Bank does not have enough foreign currency for importing fuel),” Gachagua had said.

However, the CBK has stated that it is not involved in any private businesses. “Following the complete liberalization of the foreign exchange market in the 1990’s all foreign exchange for private transactions is obtained from commercial bank,” said CBK in a statement.

“CBK does not apply foreign exchange for transactions other than for the National Government which includes government’s own imports or debt service payments, or CBC’s operations.”

The CBK stated that oil importers in Kenya obtain their requisite foreign exchange from the commercial banks and not CBK as Gachagua had claimed.

The CBK went on to state that there remains adequate forex cover in the country.

University of Nairobi scraps 10 units, terms them useless

According to the Central Bank, usable foreign reserves in Kenya stood at USD 7, 424 as at September 29, 2022. This was equivalent to a coverage of up to 4.19 months of imports.

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