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Finance

Pressure on the Kenya shilling continues but exchange rate remain stable

By TF News Reporter


The Kenya shilling continued to weaken against the world majors as demand for dollar remain high.Crisis in Egypt has affected tea exports that is leading foreign exchange earnerCrisis in Egypt has affected tea exports that is leading foreign exchange earner

Last week, the Shilling depreciated by 0.37 per cent against the US$, 1.43 per cent against the Sterling Pound, 1.89 per cent against the Euro and 1.24 percent against the Japanese Yen.

Pressure mounts on the shilling but CBK maintains exchange rate is stable

By Ben Kinyanjui

Pressure continues to pile on the Kenya Shilling but the Central Bank of Kenya insists that the exchange rates are stable.CBK says the financial sector remain strongCBK says the financial sector remain strong

 

Last week, the exchange rate depicted mixed performance against major international currencies with the shilling depreciating by 0.84 per cent and 0.16 per cent against the US$ and the Japanese Yen, respectively to trade at an average of Sh86.70 per USD and Sh86.38 per 100 Japanese Yen.

CBK retain lending rate at 8.5 per cent but real interest rates remain high

By Ben Kinyanjui

The Central Bank of Kenya (CBK) has retained its lending rate at 8.5 per cent for the second month in a row in an effort to spur lending.CBK governor Prof Njuguna Ndung'u want banks to lower lending ratesCBK governor Prof Njuguna Ndung'u want banks to lower lending rates

However, industry sources reveal that commercial banks are yet to respond sufficiently by lowering interest rates that would encourage borrowing and hence spur economic growth.

Inflows from Kenyans living abroad on the increase, says Central Bank of Kenya

By TF News Reporter

Kenyans living abroad remitted US$ 105 million (Sh9 billion)in April that This was 1.5 per cent higher than the inflows recorded in March which amounted to USD 103.4 million.CBK says inflows on the increaseCBK says inflows on the increase

The Central Bank of Kenya says the amount is 9.8 per cent higher than the figures recorded in April 2012 which amounted to US$ 95.6 million.

Interest rates on Treasury bills continue to decline but demand remain high

By Ben Kinyanjui

Investors’ appetite for government securities continued to increase despite a steady decline in interest rates on Treasury bills.Banks are the major buyers of TbsBanks are the major buyers of Tbs

According to the Central Bank weighted average interest rates on the 91 day, 182 day and 364 day Treasury bills decreased further by 31.4, 47.5 and 12.9 basis points to reach 5.110 per cent, 5.642 per cent and 8.141 per cent, respectively, during last week’s auction.

Kenya’s economy to grow at a faster rate this year but poverty remains a big challenge

By Ben Kinyanjui

Kenyan’s economy is expected to grow faster in the next two years driven by lower interest rates and higher investment, says the World Bank in its latest economic update for Kenya.CBK is expected to keep interest rates lowCBK is expected to keep interest rates low

The bank says the two factors will support economic growth that is expected to grow by 5.7 per cent this year and six per cent next year up from 4.7 per cent last year.

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