CfC denies role in forex speculation
03 February 2012, 17:26
Nairobi – CfC Stanbic Bank has denied that it was
suspended from trading in the foreign exchange market last year over
speculative currency activities.
In a statement released on Friday, the bank said that the only ban
that was imposed by the Central Bank of Kenya (CBK) was in regard to
trading in forex funding swaps.
“The CBK action limited CfC Stanbic Bank from trading in foreign
exchange funding swaps for 30 days but subsequently approved the
resumption of trading in funding swaps,” the statement from the bank’s
communications department said.
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