ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Foreign Exchange Business) Regulations, 2007
4. Grant of licence
Edition: 2022-12-31 · In force
4. Grant of licence
(1)Within six months of receipt of an application, and subject to fulfillment of any other licensing criteria, the Central Bank of Kenya shall grant a foreign exchange licence to an applicant upon—(a)payment by the applicant of a licence fee of sixty-five thousand shillings or such other amount as may be determined by the Central Bank of Kenya from time to time; and(b)remittance by the applicant of a non-interest bearing deposit of thirty thousand United States Dollars to a Central Bank of Kenya Dollar Account to be advised.(2)The annual licence fee referred to in subregulation (1) shall be payable on or before the 31st December of the calendar year preceding the validity of the licence.(3)Every foreign exchange bureau licensed prior to the commencement of these Regulations and which paid a non-interest bearing deposit of five thousand United States Dollars shall be required to increase the deposit paid to ten thousand United States Dollars within one year of the commencement of these Regulations.