Author: David Indeje

Kenya’s current account deficit widened as imports grew at a faster pace compared to export earnings in the first four months of the year. Data from the Central Bank of Kenya (CBK) shows the deficit, measured as a percentage of the gross domestic product, stood at 5.5 per cent in the 12 months to May 2021 compared to 5.2 per cent of GDP in the 12 months to May 2020. “The higher deficit was attributed to lower service receipts, which more than offset the increased receipts from exports and remittances,” said CBK in its weekly bulletin. Diaspora remittances have surged…

The Kenyan shilling remained stable at 107.95 week ending July 8 as the demand for the dollar matched its supply in the local currency market. “It exchanged at KSh 107.95 per US dollar on July 8, compared to KSh 107.92 per US dollar on July 1,” the Central Bank said in its Weekly Bulletin. Market analysts expect the shilling to remain under pressure in 2021 besides having appreciated by 1.1 per cent against the dollar this year in comparison to the 7.7 per cent depreciation recorded in 2020. On the other hand, Kenya’s forex reserves have kept the shilling steady…

Surging derivatives trade on the Nairobi Securities Exchange in the first half of 2021 hit a two-year high, ‘steady growth since its launch”. This translates to Ksh 148 million, a 668 per cent turnover gain over a similar period in 2020.   NSE chief executive Geoffrey Odundo noted the improved trading at the segment demonstrates confidence in the market despite the COVID-19 disruption. The derivatives market dubbed NEXT is only the second such market on the continent after South Africa. It was launched in 2019. It enables investors to diversify their investments, manage risk, and deploy funds more efficiently.  The Market…

Kenya has increased its stake in the pan-African housing development financier, Shelter Afrique to 18.72 per cent underscoring its commitment to affordable housing.  Shelter Afrique says it received KSh992.8 billion from Kenya’s National Treasury.  This makes Kenya the largest shareholder ahead of Nigeria and the Africa Development Bank which owns 13.71 and 13.25 per cent shareholding respectively.  Total additional capital receipts in the last six months stand at Ksh.1.94 billion ($18.02 million). “Even with the Covid-19 pandemic, Kenya has shown willingness to sustain its support for Shelter Afrique by honouring its pledge. This is a vote of confidence by Kenya…

Six civil society organisations on Wednesday asked Mr Aden Duale, a Kenyan legislator to recall the proposed amendments to amend the Computer Misuse and Cybercrimes Act saying it will expand illegitimate cyber-harassment and cyber-terrorism provisions. The proposed amendments to the Computer Misuse and Cybercrimes Act (CMCA), 2018 through the Computer Misuse and Cybercrimes (Amendment) Bill, 2021 if enacted, an outright ban on pornography will be enforceable in Kenya. “The Bill limits the rights to freedom of expression and access to information under Articles 33 and 35 of the Constitution of Kenya, 2010 respectively,” the group said in a memorandum. The…

“Can a media house go beyond advertising for betting companies and set up an in-house gaming venture?  This is a question that has been paused by Mr David Omwoyo, CEO of Media Council of Kenya. This is in view of the major turmoil being witnessed in Kenya’s media industry forcing the regulator to set up a seven-member task force to closely review betting and related activities in media outlets. https://twitter.com/DavidOmwoyo/status/1412808564016562179?s=20 In a statement, the council says “the content in advertisements and talk shows often does not meet the standards established in law”.  “The regulation of such content is important to…