In a surprising development, the Russian central bank has disclosed its intention to resume interventions in the domestic foreign exchange market starting January 2024. This decision, aimed at stabilizing the rouble, follows a temporary halt in purchasing foreign currency implemented in August to curb the currency’s depreciation, which had seen it fall below 100 to […]
Somalia has successfully secured its place as the eighth member of the East African Community (EAC), signifying a significant advancement in the push for expanded free trade across the region. The announcement came at a summit in Tanzania, where outgoing EAC Chair Evariste Ndayishimiye confirmed Somalia’s admission under the treaty of accession. President Hassan Sheikh […]
In a significant development, the Kenya Revenue Authority (KRA) has reported an impressive revenue collection of Sh18.7 billion as of October 2023, attributed to the flourishing trade activities between Kenya and Japan. Commissioner General Humphrey Wattanga highlighted Japan’s growing importance in Kenya’s economic landscape, noting a substantial increase in trade volume during 2023. Detailing the […]
In an interview, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva emphasized the urgency for Italy, France, and Spain to address their mounting debt and deficit levels. Georgieva’s concerns stem from the aftermath of the Covid-19 pandemic, which has resulted in “very modest” economic growth in the Eurozone. Highlighting the robust fiscal responses of […]
Tanzania’s Foreign Direct Investment (FDI) witnessed a significant upswing in Q1 2023, reaching an impressive $1.05 billion. This figure, nearly doubling from the same period last year, indicates a notable economic shift. China emerged as the primary contributor, injecting $614 million into Tanzania’s economy. Singapore, Germany, India, and Mauritius also played substantial roles, contributing $138.9 […]
A recently unveiled World Bank report has cast a sobering light on the economic havoc wreaked by crime in South Africa, estimating an alarming 10% annual drain on the nation’s Gross Domestic Product (GDP). Titled “Safety First: The Economic Cost of Crime in South Africa,” the report goes beyond mere statistics, emphasizing the pressing concern […]
Turkey’s central bank declared a substantial increase in its key interest rate on Thursday. The benchmark one-week repo rate surged by an unexpected 500 basis points, reaching a remarkable 40%. This decision, doubling economists’ projections of a 250-basis-point hike, sent ripples through financial markets. The Turkish lira responded immediately, trading at 28.766 to the dollar, […]
In a move to enhance operational efficiency and untangle bureaucratic complexities, President William Ruto has revealed Kenya’s intent to privatize 35 state-owned enterprises. This strategic decision harmonizes with recent legislative amendments, as President Ruto’s government recently enacted a revised privatization bill, simplifying the transition of state entities into private hands. Speaking at an official event […]
The Kenya shilling is displaying signs of resilience, with its monthly free fall slowing to a modest one percent, a noteworthy improvement from the steep 4.3 percent decline witnessed in March. The recent stabilization follows a directive from the Central Bank of Kenya (CBK), which sought explanations from ten banks for what appeared to be […]
In a significant move towards stability in U.S.-China relations, President Joe Biden and Chinese President Xi Jinping met on the sidelines of the Asia-Pacific Economic Cooperation conference in San Francisco. The meeting, the first in approximately a year, conveyed a clear message of recalibration in the economic ties between the two global powerhouses. For U.S. […]
In a significant strategic development for both Kenya and the broader African continent, the European Bank for Reconstruction and Development...
In a significant diplomatic and trade breakthrough, China on Friday officially signaled its approval for the export of critical rare...
In a comprehensive assessment of Nigeria's economic trajectory, the African Development Bank (AfDB) has released its 2025 Nigeria Country Focus...
East Africa's leading investment powerhouse, Centum Investment Company PLC, has sent ripples across the regional financial markets with a recent...
