In a strategic move to address concerns regarding its $2 billion 2024 international bond, Kenya is set to repurchase a substantial portion before year-end. Central Bank Governor Kamau Thugge unveiled this initiative during an exclusive interview with Reuters, emphasizing Kenya’s proactive approach to managing its fiscal responsibilities. Kenya is actively negotiating with the Trade & […]

Kenya has entered into discussions with the International Monetary Fund (IMF) and other development financial institutions to secure funding for the impending $2.0 billion (Sh297.6 billion) Eurobond repayment, due in June 2024. Facing challenges in global markets, the Kenyan government is exploring the option of obtaining a loan from these multilateral institutions to manage the […]

M-Shwari, Safaricom’s mobile lending platform, experienced a significant drop in deposits during the year ending March 2023. Deposits plummeted by 44.1 percent, decreasing from Sh745 billion in the same period in 2022 to Sh416.7 billion. This marks the first decline in deposits since the platform’s launch in November 2013. On average, Kenyan users deposited Sh1.14 […]

Kenya’s imports have experienced a notable decline of almost 14% during the initial eight months of this year. This downturn underscores the significant impact of the weakening Kenyan shilling on the nation’s purchasing power. The Kenyan shilling has witnessed a substantial depreciation of 17% against the US dollar. This depreciation has made imports more expensive, […]

The Kenyan government has embarked on a strategic plan to reduce recurrent spending by Ministries, Departments, and Agencies (MDAs), with the aim of saving an estimated Sh130.2 billion. This move, approved by the Cabinet on Tuesday, underscores the government’s commitment to fiscal responsibility. In a press statement, the Cabinet explained that the decision to streamline […]

The Central Bank of Kenya’s Monetary Policy Committee (MPC) decided to maintain the benchmark lending rate at 10.5% during its latest meeting, reaffirming its commitment to managing inflation within the targeted range. This decision comes after a previous rate increase of 100 basis points in June, which was implemented to counter inflationary pressures. The MPC’s […]

Amidst the soaring cost of living in Kenya, low-income households find themselves grappling with the harsh realities of high inflation. A recently released report by the Kenya Institute for Public Policy Research and Analysis (KIPPRA) sheds light on the hardships endured by the nation’s less privileged citizens throughout 2022. Director of KIPPRA, Rose Ngugi, emphasized […]

In a significant development, the European Commission has given its nod to Kenya’s Economic Partnership Agreement (EPA) with the European Union. This move is a crucial step towards granting Kenyan goods duty-free access to the vast European market. The European Commission, responsible for negotiating trade deals on behalf of the EU, has formally endorsed the […]

Kenya has taken a significant step toward enhancing economic stability within the African continent by formally joining the Pan African Payments and Settlement System (PAPSS). Trade Cabinet Secretary Moses Kuria made this announcement highlighting the pivotal implications of this move. The primary benefit of Kenya’s inclusion in PAPSS is that it now enables Kenyan companies […]

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 […]