Bill proposes stiff penalties for hoarding dollars

Local foreign currency deposits grew from Sh800 billion in August 2022 to Sh1.2 trillion by the end of July 2023. [iStockphoto]

A bill proposing stiff penalties for individuals or entities accumulating foreign currency for speculative purposes has been tabled in the National Assembly by Rongo MP Paul Abuor.

The Forex Hoarding Criminalisation Bill by the Rongo MP also proposes amnesty for those who are willing to release the hoarded dollars into the market.