Browsing: Foreign currency traders

• The rise of 63 billion shillings in dollar deposits, equivalent to 2.1 billion shillings daily
• wealthy individuals and large corporations looked for a secure location to store their riches in the wake of the uncertainties surrounding the elections
• The United States Federal Reserve increased interest rates by 0.75 percentage points for a second straight time in July to combat inflation, which contributed to a stronger dollar and a decline in the value of the Kenyan shilling

A record number of wealthy individuals and businesses moved a total of Sh63 billion more into dollar accounts during the month of June as they sought to secure the value of their investments in advance of this week’s elections.

As per data provided by the Central Bank of Kenya (CBK), the total value of foreign currency bank deposits in Kenya reached a new all-time high of Sh891.5 billion in June, up from Sh829.50 …

If you received your salary on the 1st of January in ZWL, you would struggle to pay for goods and services in February. This volatile situation results in consumers seeing value eroded from their bank balances at an astonishing rate.

We see wages struggle to keep up with inflation, a phenomenon similar to 2008. Most people buy USD from the black market to retain some semblance of value in these balances.

Zimbabwe has a currency crisis, and the Authorities seem to be struggling to deal with it. The rate at which the Zimbabwe dollar is depreciating signifies the state of the economy. Much of this is being blamed on the countries foreign currency auction system.…