Forex Bureaus were established and first licensed in January 1995 to foster competition in the foreign exchange market and to narrow the exchange rate spread in the market.
As authorised dealers, forex bureaus conduct business and are regulated under the provisions of the sections 33A to 33O of the Central Bank of Kenya Act (Cap 491) and Guidelines issued thereunder. Forex Bureau Guidelines are therefore issued under section 33K of the Central Bank of Kenya Act.
Currently there are one hundred and eleven (111) licensed Forex Bureaus
located in various towns of the country as shown in the schedule below:
|
City / Town |
Number of Bureaus |
|
Nairobi |
89 |
|
Mombasa |
12 |
|
Malindi |
2 |
|
Nakuru |
2 |
|
Kisumu |
2 |
|
Eldoret |
2 |
|
Lokichogio |
1 |
|
Namanga |
1 |
|
Total |
111 |