This has allowed the Central Bank of Kenya team to revise them considerably. 2. Ladies and Gentlemen, forex bureaus were first licensed in January 1995 to foster competition in the foreign exchange market and to narrow the exchange rate spread through this micro-structure of the market.
As you are aware, the forex bureau sub sector has experienced rapid growth since it was first established with the number of operating bureaus having increased from 48 in 1998 to 126 as at December 2010. This rapid growth has to do with units in the market and also the volume of their trading. But this has also come with challenges.