Monday, October 3, 2022 – The Central Bank of Kenya (CBK) has been forced to debunk claims by Deputy President Rigathi Gachagua, who on Sunday, claimed the government does not have enough foreign exchange reserves to import oil.
During an interview with Citizen TV, Gachagua claimed that the Central Bank of Kenya (CBK) forex reserves were swindled by the state capture.
“Tumekosa maneno ya foreign exchange hata jana pale katika Benki Kuu hakukuwa na zile pesa za kigeni za kutosha kuagiza mafuta kutoka nchi za nje (We have insufficient foreign exchange reserves and the Central Bank does not have enough foreign currency for importing fuel),” Gachagua stated.
CBK in a statement on Monday dismissed Gachagua’s claims insisting it does not control foreign exchange for commercial banks.
The regulator said that oil importers, as with all other private transactions, obtain the requisite foreign exchange from commercial banks.
“All foreign exchange for private transactions is obtained from commercial banks. CBK does not supply foreign exchange for transactions other than for the National Government or CBK operations,” CBK stated in a statement.
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