Author: David Indeje

The Kenyan currency is expected to remain under pressure in 2021 as largely driven by external factors says Cytonn Investments, an independent investments management firm. Cytonn’s latest Q1’2021 Markets Review, strengthening of the dollar, and rising uncertainties in the global market due to the Coronavirus pandemic will continue to impart depreciation pressures on the shilling. “Investors continue to prefer holding their investments in dollars, other hard currencies and commodities and continued strengthening of the US Dollar against major currencies as evidenced by the 3.7% gain in the ICE U.S. Dollar Index as compared to a 6.7% decline in 2020,” Cytonn…

Kenya has slammed the United Kingdom over its intention to add it to its red list travel ban, saying the decision “is particularly disturbing. “Furthermore, and equally disturbing this unilateral decision does not reflect prevailing logic and scientific knowledge of the disease or the spread of the pandemic,” Kenya through its Foreign Affairs ministry adding that rather the decision seems to be motivated by a discriminatory policy against certain countries and peoples.” The UK Government in a statement issued on Friday alleged that some travellers from Kenya have tested positive for the South African variant. “Of the average of 550…

Kenya will receive emergency aid totalling $2.3 (Ksh 255.9 billion)  to help cover a shortfall in the nation’s budget and balance of payments due to the coronavirus pandemic, the International Monetary Fund (IMF) said in a press release on Friday. The three-year financing package under thee under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) will also support Kenya’s initiatives towards reducing debt vulnerabilities while safeguarding resources to protect vulnerable groups. “Kenya was hit hard at the onset by the Covid-19 pandemic,” the IMF said. “With a forceful policy response, the economy has been picking up heading into 2021 after likely…

Four more countries – Bangladesh, Kenya, Pakistan and the Philippines – have been added to the UK’s ‘red list’ countries in an effort to contain the spread of the coronavirus in the country. In a statement issued on Friday, the UK commission said visitors who have been in or transited through Kenya in the previous 10 days will be refused entry into England. “British, Irish and third-country nationals with residence rights arriving from these countries will be required to quarantine in a Government-approved facility for 10 days,” the statement reads. If you arrive in the UK from these places before…

Uhuru under pressure to lift all Covid-19 lockdown restrictions Government to vaccinate 26 million Kenyans by June 2022 Kenya will lift the partial lockdown imposed within Nairobi, Kiambu, Kajiado and Nakuru counties when the positivity rate comes below 5% President Uhuru Kenyatta said Thursday. President Uhuru is under mounting pressure to lift COVID-19 lockdowns in the four counties.  The president was hopeful that within the thirty periods or the sooner the curve is flattened below 5 per cent, normalcy will return. “As to when these measures will be removed and go back to normal, which is our prayer every single…

Banking service group, I&M Holdings Plc Wednesday said it will pay a dividend of Ksh 2.25 per share plus 1 bonus share for every 1 held to its shareholders for the financial year ended December 31, 2020. The Nairobi Securities Exchange lender said its profit after tax declined by 21 per cent to Ksh 8.41 billion from Ksh 10.77 billion in 2019 from its Full Year 2020 financial results. Its revenue from interest income and non-interest income increased by 1.3 per cent to KSh19.4 billion compared to KSh19.2 billion at the end of 2019. Customer deposits grew by 14 per…