Recent data from the Central Bank of Kenya (CBK) underscores a notable increase in remittance inflows from Kenyans living abroad, reaching a record high of Sh52 billion last month. This represents a substantial 24.8% surge compared to the same period in the previous year, reflecting the resilience and commitment of the Kenyan diaspora amidst global […]

The Energy and Petroleum Regulatory Authority (EPRA) has announced a significant reduction in fuel prices for March-April, offering relief to both motorists and households. Effective immediately, Super Petrol prices will decrease by KSh 7.21 per litre, while Diesel and Kerosene will see cuts of KSh 5.09 and KSh 4.49 per litre respectively. This adjustment comes […]

The Kenyan Treasury is contemplating the introduction of a 16 percent value-added tax (VAT) on milk and bread to address concerns regarding tax disparities. Treasury Cabinet Secretary Njuguna Ndung’u highlighted the necessity of this move to realign tax policies, ensuring equitable distribution of benefits across income groups. Government studies reveal that the current zero-rated VAT […]

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) […]

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 […]

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 […]