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CBK directive hits Kenya/Uganda cross-border traders

Published on June 17, 2019

Traders who usually cross into Uganda via Busia border, Marenga and Mulukoba beaches in Port Victoria town to buy goods said it is no longer business as usual as banking institutions in the neighbouring country no longer accept Kenyan currencies. "The introduction of new notes by the Central Bank of Kenya and the announcement that the old a thousand shilling note shall cease to be in circulation by October 2019 has affected the free flow of trade between Kenya and Uganda," said a cross border trader. On the other hand, CBK's action is a blessing to the local money changers as tit has led to booming business.  Cross border traders now flock to them to exchange the currencies. Read more. Source | The Star

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