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Rogue banks and bankers in Kenya probed for rigging local exchange rate
They seem to have learned their techniques from JPMorganChase traders.
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From Garowe Online, Garowe, Somalia
Sunday, April 16, 2023
NAIROBI, Kenya -- A number of undisclosed banks in Kenya are under investigation by the Competition Authority of Kenya for allegedly fixing foreign exchange trades, adding a fresh twist to the crisis that has seen lenders run out of dollars on some days.
CAK reveals that the investigations are ongoing into the possible manipulation and collusion over the dollar exchange rate, exposing bankers to fines and up to five years in jail if convicted.
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Reliable sources say that CAK is pursuing allegations that some dealers at the banks used electronic chat rooms and instant messaging to coordinate their trading activities when giving quotes to customers who buy or sell currencies. ...
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