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Finance

Central Bank of Kenya licenses another microfinance institution in Nairobi

By Ben Kinyanjui

The Central Bank of Kenya (CBK) has granted a licence to U & I Deposit Taking Microfinance Limited to carry out community deposit-taking microfinance business in Nairobi. Most small scale traders in Kenya prefer to work with MFIsMost small scale traders in Kenya prefer to work with MFIs

The licence has been issued pursuant to Section 6 (1) of the Microfinance Act, 2006 and Regulation 5 (3) of the Microfinance (Deposit-Taking Microfinance (DTM) Institutions) Regulations, 2008.

Inflation rate to remain low as ongoing rains promise steady supply of foodstuff

By Ben Kinyanjui

Kenyans are expected to continue to enjoy lower food prices as the on-going rains as well as steady oil prices in the international market keep inflation rate below five per cent. Food supply to increase despite floods in some parts of the countryFood supply to increase despite floods in some parts of the country

Exchange rates have also remained steady though interest rate charged by commercial banks has not fallen as expected mainly due to political uncertainties that were created by the just concluded general elections. Experts say the rates are likely to fall further in the coming months now that political temperatures have gone down.

The Kenya shilling gains against major currencies due to increased inflows from agricultural sector and appointment of a new government

By Ben Kinyanjui

Increased inflows from the agricultural sector and the unveiling of a new cabinet by President Uhuru Kenyatta Wednesday was a boost to the Kenya Shilling that strengthened against all major international currencies.Agricultural sector is doing well due to good weather Agricultural sector is doing well due to good weather

The Shilling appreciated by 0.14 per cent, 0.52 per cent, 0.54 per cent and 1.06 per cent against the US$, the Sterling Pound, the Euro and the Japanese Yen respectively to trade at an average of Sh83.83 per US$, Sh127.97 per Sterling Pound, Sh109.35 per Euro and Sh84.52 per 100 Japanese Yen.

Western Union and KCB Launch Account-Based Money Transfer (ABMT) service in Kenya.

By Ben Kinyanjui

 

Western Union®, a global leader in payment services, and the Kenya Commercial Bank (KCB) Group have launched an account based money transfer service (ABMT) for its customers in Kenya.KCB is one of the largest banks in East AfricaKCB is one of the largest banks in East Africa

The new service will allow customers to receive cash from more than 200 countries around the world.

Kenya’s domestic debt hit Sh1 trillion as government seek funds to implement devolved government

By Ben Kinyanjui

Kenya’s gross domestic debt has hit Sh1.0 trillion in April from Sh858.8 billion at the end of June 2012, says the central Bank of Kenya (CBK).CBK says debt now Sh1 trillionCBK says debt now Sh1 trillion

CBK says during last week alone, gross government domestic debt increased by Sh23.1 billion, on account of Treasury bills.

Kenya government pays more for domestic borrowing

 

 

By Ben Kinyanjui

 

The government is likely to pay more for the money it borrowed from the domestic market in the financial year ending June 30 this year.

Outgoing Treasury chief Joseph Kinyua has been under pressure to get money to pay wagesOutgoing Treasury chief Joseph Kinyua has been under pressure to get money to pay wages

The Central Bank of Kenya (CBK) says cumulative interest and other charges on domestic debt for the period July 1, 2012 to April 5, 2013 in the 2012/13 fiscal year amounted to Sh81.7 billion compared with Sh57.7 billion during a similar period of the previous fiscal year.

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