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Finance

Kenya shilling loses ground against EAC currencies ahead of the March 4 polls

 

 

By Ben Kinyanjui

The Kenya shilling weakened against the Uganda Shilling, the Tanzania Shilling and the Rwanda Franc last week as political activity leading to March 4 general elections increases.Former Finance minister Uhuru Kenyatta is among leading aspirants for presidency on March 4 Former Finance minister Uhuru Kenyatta is among leading aspirants for presidency on March 4

However the unit strengthened against the Burundi Franc to trade at an average of Ush30.46, Tsh18.40, RWF 7.06 and BIF 17.53 in the week ending January 31 compared to Ush30.68, Tsh18.45, RWF 7.09 and BIF 17.21 in the week ending January 24.

Mobile phone money transfers costs up 10 per cent as Government slap excise duty to raise more revenue

By Ben Kinyanjui

Mobile telephone money transfer users will from next Friday pay 10 per cent more to send and receive money.Safaricom CEO Bob Collymore says the tax would affect financial sector deepening effortsSafaricom CEO Bob Collymore says the tax would affect financial sector deepening efforts

Safraricom that has over 16 million users through their popular platform Mpesa announced Friday that they had not no alternative but to pass the cost to the consumer in order to sustain the service.

African migrants can save US$4 billion annually on remittance fees, says World Bank

By Ben Kinyanjui

Bringing remittance prices down to five percent from the current 12.4 per cent average cost would put US$4 billion (Sh400 million) more in the pockets of Africa's migrants and their families who rely on remittances for survival. Sending money to Africa is expensive, says World BankSending money to Africa is expensive, says World Bank

Africa's overseas workers, who sent close to US$60 billion in remittances in 2012, pay more to send money home than any other migrant group.

The Kenyan shilling depreciate against the US Dollar and EAC currencies barely a month to the March 4 polls

 

By Ben Kinyanjui

The Kenya Shilling has continued to lose ground against the US dollar though exchange rate regime remains stable.Prime minister Raila Odinga is one of the leading candidate for presidencyPrime minister Raila Odinga is one of the leading candidate for presidency

Last week the shilling was quoted at 87.11 per USD compared to Sh84.22 in August last year. It depreciated by 0.48 per cent and 0.62 per cent against the US Dollar and the Euro, respectively.

Commercial banks increase uptake of Treasury bills and bonds as government domestic debt remain high

By TFN Reporter

Commercial banks have increased their holdings of Government securities from 49.1 per cent at the end of June 2012 to 52.5 per cent on January this year.Commercial banks are holding huge chunk of Treasury bills and bondsCommercial banks are holding huge chunk of Treasury bills and bonds

The Central Bank of Kenya (CBK) says the proportion held by insurance companies, parastatals and pension funds declined marginally to 10.5 per cent, 4.7 per cent and 20.4 per cent, respectively.

Demand for Tbills and bonds remain high as Central Bank of Kenya lowers its lending rate

By TFN Reporter

 

 

Demand for Treasury bills remains high despite the declining average interest rates on government commercial paper. CBK lowered its lending rate to 9.5 per cent to boost credit to private sectorCBK lowered its lending rate to 9.5 per cent to boost credit to private sector

Last week, the Government offered for sale Sh4 billion in 91-day Treasury bills and Sh3 billion in 182-day Treasury bills with the 91 day paper attracting bids worth Sh4.5 billion (112.07 per cent performance rate), out of which Sh2.7 was accepted.

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