Author: David Indeje

The Kenyan shilling weakened by 0.5 percent to 108.0 against the dollar from Kshs 107.5, recorded the previous week. This was largely attributed to increased demand for hard currencies by importers who are resuming business after the easing of the pandemic restrictions. “The Kenya Shilling weakened against major international and regional currencies during the week ending July 23, on account of increased demand for dollars in the interbank market,” said the Central Bank of Kenya. The Central Bank’s level of forex reserve remains adequate to support the shilling currently at USD 9,421 million (5.72 months of import cover) as at…

Nigeria’s biggest lender Access Bank Plc has completed the 100 percent acquisition of Transnational Bank Ltd. This follows the fulfillment of all regulatory approvals and conditions precedent to completion.  The Nigerian lender announced its intention on October 28th, 2019. Through a corporate disclosure on the Nigerian Stock Exchange Access bank said, “The Bank’s vision is to be the World’s Most Respected African Bank and our entry into the Kenyan market, a gateway in East Africa, not only brings us closer to that vision but enables our customers to tap into our extensive global network that translates into immense business opportunities,…

Kenya’s current account deficit narrowed to 5.0 percent in the 12 months to June from 5.2 percent in May, attributed to lower oil imports and improvement in exports of tea, horticulture and remittances. The Central Bank of Kenya expects the current account deficit to remain stable at 5.8 percent of gross domestic product (GDP) in the year. “Preliminary data on the balance of payments shows that the current account deficit narrowed to 5.0 percent of GDP in the 12 months to June 2020 compared to 5.2 percent of GDP in the 12 months to May,” said the CBK in its…

Kenya’s diaspora remittances inflows rose in June 2020 to $288.5 million (KSh31.1 billion) from $258.2 million (KSh27.8 billion) in May as most countries in the world eased coronavirus restrictions. The Central Bank of Kenya data said this was 12 percent rise in remittances driven by increased payments from the United States, Saudi Arabia, and South Africa. “The cumulative inflows in the 12 months to June totaled USD 2,809 million compared to USD 2,768 million in the 12 months to June 2019, reflecting a growth of 1.5 percent,” said the CBK in its Weekly Bulletin dated 24 July. Diaspora remittances are…

Limuru Tea PLC in a public disclosure on Friday said it will operate under a separate entity following consumer goods major Unilever’s review of its global tea business. Limuru Tea with 282 hectares of tea plantations, said the separation is projected to be concluded by the end of 2021. “With relation to the balance of the Unilever’s tea brands and geographies and all tea estates in which Limuru Tea Plc falls, there is an intention to create a separate entity with the aim of maximising their potential and hence a process will now commence implement the separation, which is expected…

The Kenyan Government has declared three-day national mourning as a mark of respect to the former president of Tanzania Benjamin William Mkapa who died on Friday. President Uhuru Kenyatta directed that the Kenyan and East African Community flags be flown at half-mast in the country and all Kenya’s Diplomatic Missions abroad from dawn on Monday, July  27 until sunset on Wednesday, July 29, 2020. “…in testimony of the high esteem in which the People of Kenya hold the Late Former President Benjamin William Mkapa, the Republic of Kenya will observe a period of three (3) days of national mourning,” said…