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Finance

Pressure on shilling continues but Central Bank of Kenya says it is stable

 

By Ben Kinyanjui

The Kenya Shilling exchange rate remained relatively stable against major international currencies last week despite marginal depreciation witnessed in the last three months.CBK governor Prof Njuguna Ndung'u insists shilling is stableCBK governor Prof Njuguna Ndung'u insists shilling is stable

During the week, the Shilling depreciated by 0.04 per cent against the US Dollar to trade at an average of Sh87.53 per USD and appreciated by 1.57 per cent and 0.45 per cent against the Sterling Pound and the Euro respectively to trade at an average of Sh134.98 per Sterling Pound and Sh116.79 per Euro.

Mobile phone financial services now get a home in Africa through a services policy initiative

By Prof Njuguna Ndung’u

The idea to have a focused regional initiative on Mobile Phone Financial Services (MFS) platform in Africa, was initiated right here in Zanzibar during the first African financial inclusion policy forum held in March 2012. Safaricom CEO Bob Collymore is taking Mpesa to higher levelsSafaricom CEO Bob Collymore is taking Mpesa to higher levels

This was following discussions held at Brookings Institution, Washington D.C, on the importance of spurring MFS in Africa and after a critical analysis of the hurdles that limits the scaling up of MFS in Africa.

Bank of Kigali opens a representative office in Kenya

The Central Bank of Kenya (CBK) has granted authority to the Bank of Kigali Limited to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act.Increasing cross border trade pushing banks to open branches within EACIncreasing cross border trade pushing banks to open branches within EAC

Bank of Kigali Limited is a public commercial bank incorporated in the Republic of Rwanda and regulated by the National Bank of Rwanda.

Central Bank of Kenya allows Central Bank of India to open office in Kenya

 

The Central Bank of Kenya (CBK) has granted authority to the Central Bank of India (CBI)1 to open a Representative Office in Kenya.CBK has continued to allow representative banks in KenyaCBK has continued to allow representative banks in Kenya

The Authority, issued pursuant to Section 43 of the Banking Act (Cap 488), makes CBI the sixth foreign bank to be authorized by the Central Bank to establish a Representative Office in Kenya.

Kenya’s money market liquid but International Monetary Fund (IMF) calls for banks to lower interest rates

 

 

By Ben Kinyanjui

Kenya’s money market remained liquid last week with the Central Bank of Kenya mopping Sh11.6 billion through repo securities against maturities of repo securities held by commercial banks of Sh18.5 billion. CBK governor Prof Njuguna Ndung'u met IMF team over monetary policyCBK governor Prof Njuguna Ndung'u met IMF team over monetary policy

Reserve money averaged Sh277.7 billion during the week and was Sh9.4 billion below target

Commercial banks demand for Treasury bills and bonds increase as government domestic debt hit Sh976.5 billion

 

 

By TF News Reporter

Commercial banks continue to hold the largest portfolio of Government securities at 52.6 per cent up from 49.1 percent at the end of June last year.Banks continue to hold huge amount of Treasury bills and bondsBanks continue to hold huge amount of Treasury bills and bonds

Other holders include insurance companies, parastatals and pension funds whose holding declined from 10.9 per cent, 5.3 per cent and 22.8 per cent at the end of June 2012 to 10.6 per cent, 4.6 per cent and 20.3 per cent, respectively, on February 1 this year.

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