Author: David Indeje

Kenya Airways and South African Airways have signed a memorandum of co-operation aimed at forming a pan-African airline. “The future of aviation and its long-term sustenance is hinged on co-operation. KQ and SAA collaboration will enhance customer benefits by availing a larger combined passenger and Cargo network, fostering the exchange of expertise, innovation, best practice, and adopting home-grown organic solutions to technical and operational challenges,’’ Kenya Airways CEO Allan Kilavuka said in a statement Tuesday. “It will also enhance related Kenya and South Africa tourism circuits, which sectors account for significant portions of respective country growth domestic product, benefiting from…

The Central Bank of Kenya held interest rates steady at 7.0% on Tuesday citing a healthy economy supported by robust performance of construction, manufacturing, education, real estate and transport and storage sectors. This is the 1oth time the bank’s Monetary Policy Committee (MPC) has maintained the rate. “The economy is expected to rebound in 2021, supported by the continued reopening of the services sectors, recovery in manufacturing, and stronger global demand,” the CBK said. The National Treasury expects the economic growth to exceed 6% this year after contracting 0.3% last year. The Central Bank said it had taken note of inflation…

Kenya’s central bank injected Ksh 35.40 billion of liquidity into banks stepping up efforts to shore up some of the lenders. According to market analysts, this was in response to the heavy outflow of funds in liu of government borrowing and tax payments affecting the interbank rate. Stephanie Kimani, Research Analyst from NCBA Bank said the weighted average overnight rate accelerated to 6.50% on Friday, up 102.74bps in the week. The average interbank volumes declined by 2.0% to Ksh 16.9 billion, from Ksh 17.2 billion recorded the previous week. In addition, the demand for funds as well heightened as beckoned…

Kenya’s National Treasury has reopened three bonds to raise Ksh 60 billion in October for budgetary support. The Treasury Bonds, FXD1/2013/15, FXD3/2019/15 and FXD1/2021/25, have effective tenors of 6.4 years, 12.9 years and 24.7 years, respectively. The coupon rates are 11.3% for FXD1/2013/15, 12.3% for FXD3/2019/15 and 13.9% for FXD1/2021/25. The period of the sale runs until 5th October 2021. “We expect investors to prefer the longer-dated papers, FXD3/2019/15 and FXD1/2021/25, as they search for higher yields. The bonds are currently trading in the secondary market at yields of 11.7%, 12.7% and 13.5%, for FXD1/2013/15, FXD3/2019/15 and FXD1/2021/25, respectively,” Cytonn…

The Kenya Film Classification Board has banned I Am Samuel, a documentary about a gay Kenyan man’s struggle to be accepted by his family saying it “propagates values that are in dissonance with our constitution, culture, values and norms.” KFCB, whose role is to regulate the creation, broadcasting, possession, distribution and exhibition of film content said the film was an affront to the constitution, which codifies marriage as heterosexual. “Worse still, the production is demeaning of Christianity as two gay men in the film purport to conduct a religious marriage invoking the name of the Father, the Son and the…

Kenya and the UK on Tuesday agreed to work expeditiously on the recognition of vaccine certificates to facilitate the free movement of people. “There has been significant public concern about the issue of vaccine certification. We want to make it clear that both the UK and Kenya recognise vaccines administered in both countries: Oxford-AstraZeneca, Moderna, Pfizer, and Johnson & Johnson.” the British High Commissioner to Kenya Jane Mariott Howe and Health Cabinet Secretary Mutahi Kagwe said in a joint statement. “It is false to state that vaccines administered in either country are ‘unapproved’.” However, the process would take time, they…