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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Rebecca Miano, Kenya’s Cabinet Secretary for Trade, unveiled a pivotal trade agreement between Kenya and South Africa during the African Continental Free Trade Area (AfCFTA) Council of Ministers meeting in Durban. Under this agreement, Kenya will export its renowned tea to South Africa under preferential tariffs. President Cyril Ramaphosa of South Africa expressed enthusiastic support […]

Amidst legal turmoil, Kenya’s Affordable Housing Initiative faces a pivotal moment as collections under the mandatory housing development levy reach KSh 26.8 billion. The Parliamentary Budget Office (PBO) reports this milestone for the past six months ending December 2023, indicating significant progress towards funding government-backed affordable housing projects. However, challenges persist as collections fall short […]