Author: David Indeje

The Kenyan government has approved the Matatu sector’s proposal to allow public service vehicles to run with full seating capacity beginning Monday. Currently, a 14-seater matatu carries 10 passengers, up from eight while a 33-seater bus allows 18 passengers including the driver and crew in view of the outbreak of coronavirus.  On Friday, Transport Chief Administrative Secretary (CAS) Chris Obure said the matatu industry had agreed to self-regulate in Covid-19 compliance. “We need to build confidence that we can allow for full capacity while at the same time ensuring continued protection against the spread of rapidly mutating variants of Covid-19,’’…

Kenya’s Capital Markets Authority has barred Cytonn Asset Managers Ltd (CAML) from onboarding new investors until it changes the names of its business and its regulated products.  CMA says the move aims to ” to enhance investor protection and promote investor confidence in the integrity of capital markets”. The directive to CAML will be in effect for three months or until the fund manager complies. This is in line with the Capital Markets Act section 11 (1)(d) read together with section 11 (3)(cc) (ii), and 11 (3)(w). “The change of the name of the licensed fund manager and the regulated…

Kenya’s foreign exchange reserves rose $11 billion to touch a record high of $9,352 billion in the week ended Aug. 6, 2021, the Central Bank data showed Friday.  The forex reserves are now the equivalent of 5.72 months of import cover, hovering just above the EAC required minimum. The reserves had in the previous week declined by $30 billion to $9,341 billion from $9.37 billion the prior period. In July, according to market analysts, the shilling shed 70-cents of its value over the month on the back of rising dollar demand pressures. “FX reserves however ended the month higher at…

The number of people vaccinated against the COVID-19 virus in Kenya has reached more than 1,768,519, the Ministry of Health said on Friday. The number translates to 2.5 per cent of its population since the vaccination campaign began on 5th March 2021.  County vaccinations commenced on the 8th of March 2021. On the other hand, the second dose vaccination began on 28th May 2021. “As of August 5th, 2021, a total of 1,768,519 vaccines had been administered across the country with total first doses standing at 1,084,013 & 684,506-second doses had been administered.  The proportion of adults fully vaccinated in…

The Kenyan economy is expected to expand 6.6 per cent in the financial year 2022/23 (FY22) from an estimated 0.6 percent in 2020. The growth will be supported by the government’s medium-term growth targets. “Kenya’s economic recovery will center on the progress of the vaccination effort, macroeconomic stability, and implementation of the projects under the “Big Four Plan”. We remain hopeful that our economy will rebound to above 6.0 percent over the medium-term from a growth of 0.6 percent in 2020,” National Treasury and Planning Cabinet Secretary Ukur Yatani said. Yatani however, said the coronavirus pandemic and heightened political activity ahead…

Kenya’s private sector confidence improved in July to hit a five-month high, a survey showed on Wednesday, a sign that the economic recovery was broadening besides a fresh wave of coronavirus infections. A third of businesses surveyed provided a positive forecast for output over the coming 12 months.  “Several firms cited plans to open new branches and increase their advertising,” according to the PMI Index survey findings. However, the sector’s growth was at its slowest rate in July as output and new order growth weakened to three-month lows. According to the Purchasing Managers Index (PMI) by Stanbic Bank Kenya, which…