Serrari Group

Kenya’s President William Ruto Advocates Global Debt Reform and 10-Year Grace Period

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 […]

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Kenyan Bank Dollar Deposits Surge to Sh1.24 Trillion

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. […]

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CBK’s New Directive: Money Remittance Providers to Sell Excess Forex to Banks

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, […]

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Kenya Power Retains Sh15,000 Connection Fee for Affordable Household Electricity

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 […]

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Kenya’s Import Bill Sees First Decline in Post-COVID Era

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 […]

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Kenya’s Inaugural 52-Tonne ‘Omena’ Export to China Enhances Bilateral Trade Ties

Kenya has achieved a significant milestone in its trade relationship with China, successfully exporting its first 52-tonne batch of anchovies, commonly referred to as ‘omena,’ to the Chinese market. This achievement follows a bilateral agreement inked between the two nations early last year. China’s Director-General of the Department of African Affairs, Wu Peng, expressed his […]

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