Author: David Indeje

Kenya’s foreign exchange reserves dropped $9,249 billion in the week ended August 14, down by $41 billion from the previous week, according to theCentral Bank data. The CBK indicated that its usable foreign exchange reserves remained adequate at USD 9,249 million (5.6 months of import cover) as at August 13.  “This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.” The forex reserves have continued to decline since July 9 when the when Kenya started phased reopening of the economy. In…

Petrol price on Friday was hiked by Ksh 3.47 per litre and diesel by Ksh 2.76 and paraffin by Ksh 18.20 attributed to an increase in the price of fuel imports in July by the Energy and Petroleum Regulatory Authority (EPRA). In Nairobi, a litre of Super Petrol, Diesel and Kerosene will now retail at Ksh 103.95, Ksh 94.63 and Ksh 83.65 respectively. In Mombasa, a litre of petrol will retail at Ksh 101.57, diesel Ksh 92.26 and kerosene at Ksh 81.29. In Kisumu, a litre of Super Petrol, Diesel and Kerosene will sell at Ksh 104.62, Ksh 95.49 and…

Business enterprises in Kenya need to shoulder the responsibility of protecting human rights and not to be viewed as an additional burden to them. Speaking at the Bloggers Association of Kenya (BAKE) webinar on Business and Human rights, Mercy Mutemi, a digital rights lawyer of MS law said on a day to day basis, businesses interact with individuals and “Beyond providing a service, businesses have an obligation to advance human rights.” “Businesses should start rethinking about human rights. It is not about corporate social responsibility,” she empasised adding that, “It is a fact, business needs come first, then human rights,…

Rwandan passports will expire June 28, 2021 according to the Directorate of Immigration and Emigration following  adoption of the East African e-passport in June last year. All passports issued before June 27, 2019, will be phased out, and replaced by the Rwanda East African electronic passport. https://twitter.com/Rwandamigration/status/1293840701357199366?s=20 The East African Passport, is an initiative by the East Africa Community signed at the EAC Heads of State summit in December 2016. Among the member states, Kenya was the first country to roll out the new passport in September 2017. Currently, it has extended the deadline to travel on the new second-generation…

Kenya Private Sector Alliance (KEPSA) and the Mastercard Foundation have launched a Ksh 600 million fund that will extend interest-free loans to 400 Micro, Small, and Medium Enterprises (MSMEs) affected by the coronavirus outbreak. The loan facility will be repayable by up to six months. Loans will range in size with an expected average size of Ksh 1 million. The fund is created through support from the Mastercard Foundation COVID-19 Recovery and Resilience Programme. It is targeting businesses that find it difficult to access financing from formal lending institutions such as banks and micro-financers. Priority will be given to businesses…

Equity Bank says it will offer a refund to all its customers on home deliveries if they shop online on the Naivas platform using their visa cards. “The free delivery shall be in the form of a cash-back send directly to the customer’s Naivas e-wallet within 24 hours of the transaction to be used on the next purchase,” Equity says. The offer which runs till the 18th of September 2020 will require Equity Visa cardholders to purchase goods worth KShs 1,000 and above using the Visa service from Naivas online to be eligible for the free delivery service. Get a…