MP Proposes New Rules to Curb Foreign Currency Hoarding in Kenya

A bill proposed by Rongai MP Paul Abuor aims to tighten regulations on foreign currency handling in Kenya, including fines of up to Ksh1 million for illegal hoarding. The legislation is currently under review by the National Assembly’s Finance Committee and seeks to address currency hoarding for speculation, especially around election periods. Abuor emphasizes the importance of regulating forex to prevent artificial shortages and increased costs, while maintaining the right to hold foreign currencies with appropriate consequences for hoarding.