The Central Bank shall henceforth determine who works at forex bureaus in senior positions, according to new rules it has just published. The bank will also determine the directors of such ... Forex Bureau Guidelines, 2006 Section 4 4.0 Granting a License 4.1 The Central Bank of Kenya shall, within six months of the date of lodging the application, grant a foreign exchange license to the applicant-(a) Upon receipt of a license fee of Kshs 65,000-, or such amount as may be determined by the Central Bank of Kenya from time to time. On August 18, 2017, the Central Bank of Kenya (“CBK”) used its authority under Section 33(4) of the Banking Act to publish a Guidance Note on identifying and mitigating cyber risk. The Guidance Note directs institutions licensed under the Banking Act (Cap. 488) (“Institutions”) to develop and implement a comprehensive set of program requirements to mitigate cybersecurity risk. Remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, at the workshop on the review of Forex Bureau guidelines, Kenya School of Monetary Studies, Nairobi, 24 February 2011. * * * The Directors and Principal Officers of Forex Bureaus; Distinguished Guests; Ladies and Gentlemen: 1. It gives me great pleasure to be here today to officially open this consultative workshop that ... The Central Bank of Kenya revoked the license of Crown Bureau de Change according to a gazette notice dated 8th June 2020. Forex bureaus in Kenya are regulated by the Central Bank. The Forex Bureau market has experienced rapid growth in recent times due to increased demand for foreign exchange and money transfer business. CBK did not issue an ... The Revised Forex Bureau Guidelines therefore seek to streamline forex bureau‟s operations in line with the law, address the various challenges, enhance competition in the foreign exchange market and widen the scope of business activities that forex bureaus may undertake in light of current developments in the financial sector. In addition, the guideline has been revised to take into account ... The Financial Markets department compiles indicative foreign exchange rates daily for use by the general public. These rates reflect the average buying and selling rates of the major participants in the foreign exchange market at the open of trade every day, thus providing a good indicator for any interested party on the value of the shilling on any particular day.
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