Pretty soon, government will confiscate and liquidate all accounts held in foreign currency, and refund only a portion of it. They have that power by law. In fact all governments have that power.
The reasoning is as follows:
Only banks and forex bureaus are licensed to trade and profit in foreign currencies by central bank. Regular citizens are not. Dollar(euro, yen, yuan, pound, franc) have been gaining steadily against the shilling. And shilling is about to plummet starting with the oil bonds maturity period here in 6 months and culminate with Euro Bond and Chinese debt. Government simply doesn’t have those currencies to meet its obligations. So, reasoning is, you have 2k worth of dollars today at 140sh/dollar, that is 280k in shillings. If dollar plummets to 250/shilling technically you have ksh 500k, a gain of 220k. But you don’t have a Forex license to profit from forex. So government “may” return your 2k dollars or ksh 280k and keep the rest. It happened in Ghana( 6 months ago) where citizens forfeited 30% and Argentina. Actually in Argentina they literally froze everything.
Hehe, umenikumbusha a certain animation character, alikuwa na savings zake kwa mattress, aka develop back pain siku Moja, akaona ashike another mattress. Alichukuwa his old mattress akai dispose pale dump site dandora ya kwao…Ali realize ametupa na his mbirrions alirudi huko na usiku…
