The United Kingdom, the United States of America, and South Sudan have been listed as some of the main countries where Kenyan banks are transporting physical cash to.
According to the Survey on Cross-Border Movement of Cash, 15 commercial banks transported physical cash across the border, representing 39.4 per cent of licensed commercial banks in Kenya. In the report released by the Central Bank of Kenya (CBK) on Wednesday, July 2, the main reasons for banks to transport physical cash across borders were the repatriation of foreign currency and to promote operational efficiency by meeting the liquidity needs of their foreign subsidiaries.
CBK revealed the primary source of this cash was customer deposits across branches, with other sources including group subsidiaries, currency exchange agencies, and central banks of other countries.
An aerial picture of London, the capital of Britain, July 2016.
