Banks face hefty penalties in CBK forex manipulation probe

CBK Governor Kamau Thugge before Parliament's Finance and National Planning Committee on Tuesday. [Elvis Ogina, Standard]

Several banks may be subjected to substantial fines for their involvement in foreign currency manipulation should the Central Bank of Kenya (CBK) determine their culpability through an ongoing investigation.

CBK Governor Kamau Thugge told Parliament's Finance and National Planning Committee this week the banking regulator has written to 10 commercial banks, seeking clarification on the significant disparity in spreads despite the implementation of interbank market reforms.