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Foreign cash in local banks at record Sh625b

The Headquarters of Central Bank of Kenya, located in Nairobi. [File, Standard]

Foreign currency deposits surged to an all-time high of Sh625 billion in October as money poured into the country ahead of the festive season.

According to a Central Bank of Kenya report, the increase was also due to the fact that traders reduced their import orders, a situation that saw the shilling strengthen to a six-month high of 100.71 against the dollar by close of business on Friday.

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