CBK 'made history' by posting Sh7 bn loss

The Central Bank of Kenya made a Sh7 billion loss in 1993, described by a witness on Thursday 5 February as abnormal because it was uncharacteristic of a central bank to make losses.

The loss arose from an abnormal premium of Sh5.6 billion given to Kamlesh Pattni's Exchange Bank Ltd and another Sh2 billion to other political banks, said former CBK chief banking manager Reuben Marambii.

"I had never experienced a Central Bank making a loss. It was out of bad debt provisions and premiums given ou

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