Economy

World Bank Kenya

Kenya Gets Kes 85.5 Billion From World Bank for Post-Covid Growth

Kenya has secured Kshs. 85.5 billion from the World Bank in what the lender says will help support the country’s post-pandemic economic transformation. The low-cost Development Policy Operation will fund fiscal and debt reforms to make spending more transparent and efficient, and enhance domestic debt market performance. World Bank Country Director for Kenya Keith Hansen …

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image of a Kenya shilling

Shilling Hits an all-time low of Kes 112.5 against the Dollar Due to Increased Demand

The shilling has declined to a new all-time low of 112.5 against the dollar as importers increase demand for the greenback with the economy recovering from the impact of the pandemic. Reuters quoted the shilling at 112.45/65 per dollar on Thursday, a record low, after hitting its previous all-time low of 112.30/50 earlier in the …

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Kenya Inflation

Kenya’s Inflation Slows to a Six Month Low of 5.8% in November

Kenyan inflation slowed for the second consecutive month in November, reaching a six-month low as food price growth decelerated. Kenya’s annual inflation rate rose to 5.8% in November, compared to 6.45% recorded in October, Nairobi-based Kenya National Bureau of Statistics said Tuesday in a statement. The median of five economists’ estimates in a survey was …

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Electricity

Electricity Demand Hits New High Backed by Green Energy in the wake of post-COVID-19 Recovery

The demand for electricity in Kenya hit a new record this week rising to a peak of 2,036MW, the highest ever recorded in history, marking a significant resurgence in demand since the onset of the COVID-19 pandemic in March 2020. At the same time, the country recorded a new energy gross demand peak of 36,381MWh …

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AFDB and World Bank Blacklist

Nearly 20 Kenyan Firms Blacklisted by the World Bank and AFDB Over Fraud

Nearly 20 Kenya-based companies have been blacklisted by the World Bank and the African Development Bank (AfDB), in less than two years, over fraud and quality concerns in projects funded by the multilateral lenders. Recently, the World Bank blacklisted Africa Development Professional Group (ADP), a Kenyan consultancy firm that has undertaken several multimillion shilling projects …

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image of a Kenya shilling

Kenya Shilling hits losing Streak Against the U.S Dollar on Strong USD Demand

The Kenya Shilling has been on a losing streak against the U.S Dollar in what analysts and forex traders attribute to strong dollar demand especially from oil importers and weak inflows. Figures from the Central Bank of Kenya (CBK) shows that when trading at the forex markets opened on Friday, 5th November 2021, the Kenya …

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world bank

Kenya Receives Kes 17 Billion Loan from World Bank to Support Climate Change Action

Kenya has received a Kes 16.67 billion ($150 million) loan from World Bank to support local communities hard hit by climate change and drought, leading to loss of livelihoods. The World Bank through its arm, International Development Association, approved the facility to be extended through the new Financing Locally–Led Climate Action (FLLoCA) programme. Speaking during …

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Uhuru Kenyatta

President Uhuru Kenyatta Urges Banks to Revise Upwards the Minimum Cash Transactions Limit

President Uhuru Kenyatta has urged the country’s National Treasury and other stakeholders to immediately revise upwards the cash transactions threshold for Kes 1.0 Million applicable to both withdrawals and deposits by Bank Customers. Speaking during the Mashujaa Day Celebrations, Uhuru Kenyatta said Kenya’s Banking sector has been able to make huge strides resulting in the …

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KEPSA $CCA

KEPSA and CCA Sign Kenya-U.S SME Trade Initiative Agreement to Support SMEs

KEPSA and the Corporate Council on Africa (CCA) have signed the Kenya- U.S trade deal that will enable Kenyan Small and Medium-Sized Enterprises(SMEs) to take full advantage of the African Growth and Opportunity Act (AGOA) and be prepared to effectively leverage any future trade agreement between the U.S. and Kenya. The initiative recognizes the critical …

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EPRA Fuel prices

Relief as EPRA Cuts Fuel Prices Following a Release of Kes 24 Billion From National Treasury

The Energy and Petroleum Regulatory Authority (EPRA) cut fuel prices by Kes 5 per litre, bringing down the cost of super petrol and diesel toKes 129.72 and Kes 110.60 respectively in the latest monthly review ending on November 14.  This follows a release of Kes 24 billion from the National Treasury to the  Petroleum Development …

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CDSC

CDSC Finalizes the Integration of SWIFT Connectivity

The Central Depository and Settlement Corporation (CDSC) has finalized the integration of the CDS SWIFT messaging functionality, thus enhancing the processing of financial information between the CSD and capital markets participants in Kenya. CDSC Chief Executive, Nkoregamba Mwebesa said through this integration, the central depository is assuring all stakeholders that its systems and processes adhere …

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Kenya shilling

Kenya’s Forex Reserves Dip by 11.3 Billion as CBK Increases Dollar Liquidity

Forex exchange reserves dipped by over Kes. 11.3 billion after the Central Bank of Kenya (CBK) released more dollars into the market to cushion the Kenyan shilling. The banking regulator has however not given reasons for the huge drop but says reserves remain adequate and are within the statutory import cover of at least four …

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EPRA Fuel prices

Fuel Prices to Remain Unchanged as EPRA Retains Prices in Latest Review

The Energy and Petroleum regulator(EPRA) has held fuel prices constant in its latest review, the second time in a row since its last price increase set in July 2021. The prices are set to prevail between August 15th and September 15th 2021. Daniel Kiptoo the Energy and Petroleum Regulatory Authority (EPRA) Director-General in a statement …

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EU

EU to Engage Kenya Directly on Trade Talks after EAC Fails to Endorse Deal

The European Union is set to engage Kenya directly in signing the Economic Partnership Agreement (EPA) following failure by other East African Community members to endorse the deal. Valdis Dombrovskis the union executive vice-president and commissioner for trade said the bloc will engage kenya after the EAC members allowed individual countries that are ready to …

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tax

Finance Committee Rejects Tax on Bread and Motorcycles in Kes 3 Trillion Budget

The National Assembly Finance and National Planning Committee have rejected the imposition of tax on bread and the variation of excise duty on imported motorcycles. This comes as a relief to most citizens due to the hard economic constraints facing the country. The proposal by National Treasury earlier sought to impose higher taxes on bread, …

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National Treasury

Kenya Picks Citi, JP Morgan As Lead Underwriters for its Dollar Sovereign Bond

Kenya has appointed Citi and JP Morgan as joint book-runners for a dollar-denominated sovereign bond issue, and I&M Bank and NCBA Group as co-managers. Meetings with investors have already started over the bond, which will have a 12 to 15-year tenor. What the Dollar Sovereign bond means for Kenya The Ministry first announced plans for …

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EPRA Fuel prices

Super Petrol Prices up by 77 Cents, Diesel and Kerosene Constant in June Review

The maximum pump prices for a litre of Super Petrol has increased by Kes 0.77 per litre while that of a litre of Diesel and Kerosene remains unchanged. According to the latest fuel prices released by the Energy and Petroleum Regulatory Authority(EPRA), the pain at the pump has been kept minimal despite a steady increase …

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National Treasury

Kenya’s Economy Set to Rebound 6.6% in 2021.

The Kenyan economy is expected to rebound to 6.6 percent in 2021 reinforced by the prevailing stable macroeconomic environment and the ongoing implementation of the strategic priorities of the Government under the “Big Four” Agenda and Economic Recovery Strategy. Speaking in Parliament during the 2021/2022 budget reading, Kenya’s Treasury Cabinet Secretary Ukur Yatani said,total expenditures in …

Kenya’s Economy Set to Rebound 6.6% in 2021. Read More »

Budget Ukur Yatani

Gainers & Losers in Ukur Yatani’s Kes 3.6 Trillion Budget

The National Treasury Cabinet Secretary Ukur Yatani while presenting FY2021/2022 budget before Parliament acknowledged prevailing revenue collection challenges owing to the effects of COVID-19. In the coming financial year which begins on 1st July 2021,CS Yatani said the Kenya Revenue Authority (KRA) is expected to collect ordinary revenues amounting to Kes. 1.78 trillion in order …

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MSMEs

Kenya’s Inflation Rate Edges Higher to 5.87% in May Backed by Higher Fuel and Food Prices

The cost of living increased slightly in May to highs seen in March on account of the increase in fuel costs which consecutively increased food and transport cost The overall rate of inflation in May was 5.87 per cent, compared to the 5.76 per cent recorded in April. A monthly report from the Kenya National Bureau …

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Kenha

KeNHA Signs Kes 17.9 Billion LAPSSET Deal with Chinese Firm

The Kenya National Highway Authority (KeNHA) and China Communications Construction Company Monday signed a Kes 17.9 billion  (about 166 million U.S. dollars) deal to construct a 453-km road that is part of the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) corridor project. In a statement, Peter Mundinia, the director-general of KeNHA, said the tender award agreement is …

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KRA Tax returns

KRA Surpasses Monthly Target as Tax Collection hits Kes 144.6 Billion

The latest data from the Kenya Revenue Authority (KRA)  has shown that revenue collection increased to Kes 144.6 Billion for the month or March, a Kes.6.6 billion from a collection of Kes127.7 billion in February. This translates to a performance rate of 105.1 percent surpassing Kenya Revenue Authority’s February revenue collection target. This is the …

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IMF building

IMF Raises Kenya’s Economic Growth Forecast for 2021 to 7.6%

The International Monetary Fund has raised Kenya’s 2021 economic growth forecast from 4.7% to 7.6% after reaching a financing agreement with Kenyan authorities. On February 16, 2021, the IMF revealed that it had reached a 3-year $2.4 billion financing agreement with Kenya to support the country’s COVID-19 response and reduce the level of debt relative …

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