Author: David Indeje

The Kenya shilling on Wednesday hit a fresh all-time low at 108.20 to the US dollar compared to 107.9400 on Tuesday. This is largely attributed to increased dollar demands from importers. In an email to Khusoko, the Central Bank of Kenya (CBK) on Wednesday had quoted the currency at a mean rate of 107.8797 against the US dollar, buying at KSh 107.7800 and selling at KSh 107.9794 against the greenback. https://twitter.com/alykhansatchu/status/1285915484781793282?s=20 The exchange rate released by the Central Bank of Kenya is an indicative rate, meant to help those exchanging currencies gauge the value of the shilling on any given…

Little known Tumaini School from Makueni County was named Chapa Dimba Na Safaricom Eastern Region champions after emerging victorious in the boy’s finals defeating Black Panthers 4-1. During the match played in February at the Machakos Stadium, Yasin Mohamed scored a hat trick in the 4th, 19th, and 47th minute, before Enow Abdumalik scored Black Panther’s consolation goal in the 83rd minute. Kapirante Moris sealed Tumaini’s win in the 88th minute. However, due to the Coronavirus pandemic, the Chapa Dimba nationals that were to be played in June were postponed.  ***** Khusoko, spoke to Martin Mulalah,  the Director of Tumaini…

Manufacturing and packaging industries in Kenya will be required to reduce pollution and environmental degradation from their products after use by consumers, according to proposed regulations. Dr. Ayub Macharia, Director Environmental Education and Awareness in the Ministry of Environment and Forestry says the Environmental Management and Co-ordination (Extended Producer Responsibility) Regulations, 2020,  will task “Every producer shall bear extended producer responsibility obligation to reduce pollution and environmental impacts of the product that they introduce in the market.” According to Dr Ayub, this is one way to ensure sustainable use of natural resources, promotion of circular economy, reduction of waste at…

Kenya’s currency, the shilling, hit a new record low against the U.S. dollar on Tuesday on the back of rising demand for dollars. The shilling slumped to an all-time low of between 107.5000 – 107.9400 against the dollar according to data from Bloomberg. Data published by Central Bank of Kenya says the shilling is however expected to be supported by the current high levels of forex reserves, currently at USD 9,699 million (5.87 months of import cover) as at July 16. However, the current reserves have been declining compared with the previous  $9.7 billion. Earlier this week, Cytonn Investments said…

The Central Bank of Kenya (CBK) seeks to amend the Central Bank of Kenya Act to regulate mobile lending loan rates, in a bid to protect customers from unregulated mobile lenders. The regulator through the Central Bank of Kenya (Amendment) Bill, 2020, seeks powers to supervise digital lenders. If Parliament adopts the proposed changes, CBK will regulate the monthly interest rates that can be charged by digital mobile lenders and also put a limit on non-performing loans at not more than twice the defaulted credit. “The principal object of this Bill is to amend the Central Bank of Kenya Act…

Debt-ridden regional retailer Tuskys supermarket says it is exploring funding options, including seeking a strategic investor by end of July. According to the Competition Authority of Kenya,  the retailer has made payments to suppliers amounting to Ksh2.77 Billion in June 2020 as per its order. “Over the past 30 days, the Authority has held four (4) meetings with Tuskys to review the documentation submitted and interrogate its proposed debt settlement plan,” CAK said in a statement. “Tuskys has provided documents indicating that it made payments to suppliers amounting to Sh2.77 billion in June 2020 as per the Authority’s order.” The…