Are these the banks responsible for arbitrage?

In June 2011, the Central Bank of Kenya accused some five banks of hoarding and exporting huge amounts of the currency, which indicated possibility of arbitrage practices. However, when he appeared before a parliamentary select committee investigating the fall of the shilling recently, Prof Njuguna Ndung’u denied ever making the claims adding that all the banks played within the regulatory framework.

Wednesday, December 14th at the same select committee sitting, MP Shakeel Shabir mentioned that Barclays Bank, Standard Chartered Bank, Kenya Commercial Bank, Equity Bank and Family Bank are the banks said to have been accused by the CBK.

Reports indicate that a number of commercial banks ceo’s at the sitting have refuted these claims. While the source or authority of Shakeel’s accusation is yet to be veriefied by Bizextras. The same’evidence’ or ‘false accusation’ from the MP will be published here if we get the details.

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