Author: David Indeje

Kenya’s foreign exchange reserves declined by 8.715 billion dollars to 8.287 billion dollars in the week ended Jan 28, according to CBK data. In the previous week ended Jan. 20, the reserves were at 8.7 689 billion dollars.  The fall in reserves was due to higher demand for dollars from importers to meet their end-month. Besides the decline, the forex reserves remain adequate and continue to provide cover and a buffer against short-term shocks in the foreign exchange market.  The new reserves cover 5.07 months of import cover, down from 5.33 months of cover. “The usable foreign exchange reserves remain…

Kenya’s current account deficit widened to 5.4 per cent of gross domestic product in 2021 above the year’s projection by the central bank. The central bank had projected 5.2 per cent of gross domestic product for the year.  In 2020, the deficit was recorded at 4.6 per cent of GDP. “This reflects a higher import bill, particularly oil, which more than offset increased receipts from agricultural and services exports, and remittances,” the bank said Friday in its weekly bulletin.  “It is important to its true what we had projected 5.2 per cent. So why the difference, well it’s 0.2 per…

Rwanda and Uganda have mutually agreed to reopen the Gatuna-Katuna border post on 31st January 2022.  The border was closed in February 2019 after Rwanda issued an advisory to its citizens warning them against travelling to Uganda over security concerns.  Rwanda’s Ministry of Foreign Affairs said the truce was after President Paul Kagame hosted Uganda’s Lt Gen Muhoozi Kainerugaba.  “The Government of Rwanda has taken note that there is progress to solve issues raised by Rwanda as well as commitments made by the Government of Uganda to address remaining obstacles,” the statement reads in part. “The Government of Rwanda remains…

Zamara Group on Thursday said it has expanded its pension plan Fahari Retirement with a  new product that will allow Bodaboda operators to save. The product is being rolled out in partnership with the United Bodaboda Association of Kenya. “Bringing Boda Boda Association on board is a key component to us as Zamara to drive financial inclusion within all sectors of our economy,” said Zamara Group Chief Executive Officer, Sundeep Raichura. “Fahari Ya Boda Boda allows you to save and build up a savings pot of money for your future financial needs. The accumulated savings are returned to you as…

Kenya’s Parliament on Wednesday withdrew the National Aviation Management Bill which will have to be amended with inputs from the public. National Aviation Management Bill (National Assembly Bill No. 18 of 2020) seeks to provide for the nationalization of Kenya Airways.  The Bill further proposes the formation of an Aviation Holding Company to run Kenya Airways, Kenya Airports Authority (KAA) and the Kenyatta International Airport (JKIA). The Bill was read the first time on the floor of Parliament on 30th June 2020 and committed to the Departmental Committee on Transport, Public Works and Housing for consideration. Justin Muturi, Speaker of…

Netflix Inc added 8.3 million subscribers in its Fourth Quarter 2021 Earnings. However, this was below its earlier projections of adding a net subscriber of 8.5 million. From its website, it says it ended 2021 with a total of 222 million paid subscribers in over 190 countries, adding 18 million new paying subscribers during the year compared with the 37 million gained in 2020. In a letter to shareholders Thursday, Jan. 20, Netflix disclosed that “While this added competition may be affecting our marginal growth some, we continue to grow in every country and region in which these new streaming…