Serrari Group

Kenyan Banks Navigate Challenges Amid Grey List Status

Kenya’s recent inclusion in the Financial Action Task Force (FATF) ‘grey list’ has raised concerns among local banks, highlighting potential hurdles in compliance and international transactions. Moody’s, a leading ratings agency, warns of increased costs for Kenyan banks due to heightened scrutiny and potential loss of correspondent relationships. Notably, KCB Bank Kenya, Equity Bank (Kenya) […]

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Kenya’s Dairy Imports from Uganda Triple to Sh29 Billion

Kenya experienced a significant surge in dairy imports from Uganda, reaching Sh29 billion in the year up to June 2023. This surge, driven by increased production in Uganda and rising demand from Kenyan processors, underscores the strengthening trade ties between the two East African nations. The Uganda Dairy Development Authority reported that 83 percent of […]

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Kenya Utilizes IMF SDR Reserves to Address Economic Pressures

Kenya’s Treasury has disclosed the withdrawal of Sh105 billion from the International Monetary Fund (IMF)-backed dollar reserves, known as Special Drawing Rights (SDRs). This allocation constitutes 2.1 percent of Kenya’s domestic debt. Prompted by increased IMF allocations in August 2021, Kenya’s decision to access SDRs underscores the necessity for additional liquidity to navigate ongoing economic […]

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National Assembly Approves 1.5% Housing Levy on Gross Pay

In a significant move, the National Assembly has passed the Affordable Housing Bill 2023, a key initiative of President William Ruto’s administration aimed at rejuvenating the country’s housing sector. The bill, which is now set for consideration by the Senate, includes provisions for a 1.5 percent levy on workers’ gross pay to fund the government’s […]

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Central Bank of Kenya Introduces Targeted Fines for Banking Violations

In a bid to enhance regulatory precision and accountability within the banking sector, the Central Bank of Kenya (CBK) has introduced specific fines for breaches in banking rules. Departing from previous practices of applying blanket fines, the CBK’s latest move aims to enforce discipline and adherence to regulatory standards. Under the newly published Draft Banking […]

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Kenya Secures $1.5 Billion Eurobond, Enhancing Fiscal Stability

Kenya has successfully priced a $1.5 billion Eurobond with a 9.75% interest rate, due in 2031. Treasury CS Njuguna Ndung’u hailed the issuance as a crucial step in the nation’s financial planning. Investor demand exceeded $6 billion, allowing Kenya to secure favorable pricing and increase the issuance volume beyond initial expectations. Proceeds will be used […]

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Kenya Targets Sh1 Trillion in Annual Diaspora Remittances

Kenya is embarking on an ambitious mission to achieve Sh1 trillion in annualremittances from its diaspora by 2027. The State Department for Diaspora Affairs (SDDA) is leading the charge by initiating a survey to inform strategic planning aimed at bolstering remittance inflows. Despite a steady increase in remittances over the past five years, reaching an […]

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Kenyan Dollar Bank Deposits Surge to Record High Amid Shilling’s Weakness

Kenya has witnessed a notable surge in dollar deposits held by locals in domestic banks, reaching a record high of Sh1.55 trillion by the end of 2023, marking a remarkable 68 percent increase within a year. This surge is attributed primarily to the devaluation of the Kenyan shilling and a strategic buildup of foreign currency […]

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EPRA Enacts 9% Reduction in Electricity Prices, Easing Burden for Kenyan Consumers

Today marks a significant development in the energy sector as the Energy and Petroleum Regulatory Authority (EPRA) implements a notable reduction in electricity prices. Following a comprehensive review, EPRA has announced an average decrease of 9.3 percent in power tariffs, effective immediately. This adjustment particularly benefits domestic consumers, who will see their rates drop from […]

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World Bank Commits Sh240 Billion to Bolster Kenya’s Economic Stability

In a move aimed at shoring up Kenya’s economic resilience, the World Bank has pledged a substantial infusion of Sh240.4 billion ($1.5 billion) into the nation’s coffers before the close of the fiscal year in June. This announcement, disclosed by the Central Bank of Kenya (CBK), signifies a proactive step towards addressing fiscal concerns and […]

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