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Big banks to blame??
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Njung'e
#1 Posted : Thursday, June 23, 2011 12:04:10 PM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
"The Central Bank of Kenya is on Thursday afternoon expected to announce regulatory sanctions against three major commercial banks accused of being partly responsible for the plummeting shilling. An audit carried out by the Central Bank revealed that the three institutions had forex transactions worth Sh22 billion last week."
Nothing great was ever achieved without enthusiasm.
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QW25071985
#2 Posted : Thursday, June 23, 2011 12:11:02 PM
Rank: Veteran

Joined: 3/25/2011
Posts: 946
Two of the banks are equity and k.c.b . Amnt sure of the third one. Indeed speculators in these banks are to blame.
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selah
#3 Posted : Thursday, June 23, 2011 12:18:26 PM
Rank: Elder

Joined: 10/13/2009
Posts: 1,950
Location: in kenya
Njung'e wrote:
"The Central Bank of Kenya is on Thursday afternoon expected to announce regulatory sanctions against three major commercial banks accused of being partly responsible for the plummeting shilling. An audit carried out by the Central Bank revealed that the three institutions had forex transactions worth Sh22 billion last week."
This is the wrong way to go about arresting the depreciating shilling the reason being any outflows from this banks are submitted to CBK before execution. What this means is that CBK has the most inefficient systems and staff who do not have signals to warn them of an impending strike like we have witnessed this past week. CBK will antagonize the players in the forex market and although in the short term it might think its winning it might pay in future if the sanction they will impose would affect the said banks substantially.
'......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
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Sufficiently Philanga....thropic
#4 Posted : Thursday, June 23, 2011 12:18:36 PM
Rank: Elder

Joined: 9/23/2010
Posts: 2,225
Location: Sundowner,Amboseli
I don't think Equity is in that league. I'd say BBK, Stanchart and KCB. But anyway, lets wait for CBK to let us in!
@SufficientlyP
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Cde Monomotapa
#5 Posted : Thursday, June 23, 2011 12:19:13 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
F**k. The worst that could be is suspension..which i'd be shocked if it happened. A Kes. 5-10M fine? Njugu.
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young
#6 Posted : Thursday, June 23, 2011 12:20:33 PM
Rank: Elder

Joined: 6/20/2007
Posts: 2,075
Location: Lagos, Nigeria
QW25071985 wrote:
Two of the banks are equity and k.c.b . Amnt sure of the third one. Indeed speculators in these banks are to blame.
The third I presume is out one out of this basket ??? NBK,BBK,DTB,SCB,CITIBANK iS KCB EQTY CONFIRMED ? Where is the link ?
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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  | | Edit by user: Thursday, June 23, 2011 12:42 PM | Reason: Not specified
SAC Cohen
#7 Posted : Thursday, June 23, 2011 12:21:42 PM
Rank: Member

Joined: 1/3/2011
Posts: 129
Location: Nairobi
Njung'e wrote:
"The Central Bank of Kenya is on Thursday afternoon expected to announce regulatory sanctions against three major commercial banks accused of being partly responsible for the plummeting shilling. An audit carried out by the Central Bank revealed that the three institutions had forex transactions worth Sh22 billion last week."
Could you kindly attach the link so we may read the entire article. thx
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FUNKY
#8 Posted : Thursday, June 23, 2011 12:23:27 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
The big 3 are BBK,SCBK AND CITIBANK who deal a lot in forex.
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FUNKY
#9 Posted : Thursday, June 23, 2011 12:25:57 PM
Rank: Veteran

Joined: 4/30/2010
Posts: 1,635
I don't know why CBK are not releasing the names....they should do it asap so us kenyans can close our accounts in such banks and teach them a lesson.
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Cde Monomotapa
#10 Posted : Thursday, June 23, 2011 12:27:23 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
The article is on Capital FMs website. Says KCB, BBK, SCBK, CFC & CBA are the largest forex dealing banks. Ati EBL? Tihihi...large forex for what? Waru?
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