The Central Bank of Kenya (CBK) has a forex warning to traders and the public against handling unlicensed and unregulated on-line forex sellers. The above forex rates are from the Central Bank of Kenya (CBK), they are compiled and updated daily on this page and they are also available on the CBK website.Central banks world wide are major players in local and international currency markets as part of their monetary policy role as such, the CBK overseas the state of the forex market in Kenya and . CBK-regulated Forex brokers follow a set procedure for complaints. Your first port of call with any complaints will be to try and resolve the issue by contacting the company concerned. If you are unable to find an amicable solution to the problem, it is possible to contact the Consumer Protection Unit, which is run by the CBK. The CBK press release warns that against “unregulated entities styling themselves as online foreign exchange (forex) brokers and traders”. Further stating that these fraudulent brokers “seek to exploit Kenyans and pose Money Laundering and Financing of Terrorism risks to the financial sector” . The Financial Markets department compiles indicative foreign exchange rates daily for use by the general public. These rates reflect the average buying and selling rates of the major participants in the foreign exchange market at the open of trade every day, thus providing a good indicator for any interested party on the value of the shilling on any particular day.
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