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Kenya is facing a substantial increase in interest payments on its loans, driven by a weakening shilling. The National Treasury expects these payments to rise sharply, reaching Ksh 918.9 billion for the fiscal year ending June 2024. This marks a significant 33.7 percent increase from the previous year’s Ksh 687.3 billion. The key factors contributing […]

The Central Bank of Kenya (CBK) has initiated a strategic move to secure an additional Sh15 billion by reopening two September bonds. This decision comes as the fiscal agent for the government endeavors to maintain control over investor expectations and manage yields on government paper. In this offering, CBK is reopening two bonds with varying […]

In a thoughtful address delivered at the United Nations General Assembly in New York, Kenya’s President William Ruto has urged developed nations to embark on a comprehensive debt restructuring initiative. This initiative aims to provide timely assistance to vulnerable countries grappling with mounting sovereign debt burdens, preventing them from teetering on the brink of financial […]

Kenya’s banking sector is experiencing a significant boost as dollar deposits in commercial banks rose by Sh61 billion during July, reaching a remarkable Sh1.246 trillion ($8.47 billion). This surge, reported in the National Treasury’s Draft 2023 Budget Review and Outlook Paper, reflects the ongoing trend of dollar deposit growth driven by a weakening Kenyan shilling. […]

Kenya is witnessing a concerning surge in commercial bank lending rates, which have climbed to a 65-month peak of 13.5 percent as of July 2023. This surge reveals the cumulative impact of several economic factors on borrowers and has implications for both consumers and the financial sector. Data released by the Central Bank of Kenya […]

The Central Bank of Kenya (CBK) has introduced a significant change in foreign exchange transactions by requiring Money Remittance Providers (MRPs) to sell any daily foreign exchange currency exceeding $100,000 (equivalent to Sh14.7 million) exclusively to commercial banks. This move is aimed at fostering a “fair and orderly” market, as announced by the CBK. MRPs, […]

Kenya Power has announced its decision to maintain the Sh15,000 connection fee for households situated near transformers. This initiative falls under the third phase of Kenya Power’s subsidized program, aiming to ensure affordable electricity access for more homes across the nation. Starting in September next year, this phase aims to connect approximately 150,000 new homes […]

In an announcement that will significantly impact Kenyan households, the Energy & Petroleum Regulatory Authority (EPRA) has unveiled new maximum retail prices for petroleum products. Effective from September 15, 2023, to October 14, 2023, these adjustments come as a response to global market dynamics and increased import costs. The revised fuel prices for Nairobi are […]

Kenya has reported a notable drop in its import expenditure for the first time since the COVID-19 pandemic, reflecting reduced spending on critical supplies such as factory materials, machinery, and fuel, according to official data. Between January and July this year, traders spent Ksh 1.43 trillion on foreign goods, down from Ksh 1.46 trillion during […]

Encouraging news for Kenya’s economic outlook as the Parliamentary Budget Office releases its report projecting a 5.5 percent growth in the GDP for 2023, up from the 4.8 percent recorded in 2022. The anticipated expansion is driven by several key factors, chiefly the reduced cost of living and a rejuvenated agricultural sector. A significant catalyst […]