Author: Muindi

The Central Bank of Kenya is buying dollars to increase foreign exchange reserves and stabilize the exchange rate. The move aims to protect the economy from potential shocks. The Central Bank of Kenya (CBK) has been actively purchasing dollars in the foreign exchange market to build up its reserves and mitigate exchange rate volatility. Dr Kamau Thugge Governor of the CBK and also the chairman of the Monetary Policy Committee announced this during the post-MPC briefing on Wednesday. “We have had a significant increase in foreign exchange, both from banks, but also remittances. So, in order to moderate the fluctuations…

Airtel Networks Kenya has announced discontinuing its Airtel TV service effective September 30, 2024. In a public notice, the telco apologized for any inconvenience caused by the service’s termination. “Access to Airtel TV channels and content will no longer be available. We apologize for any inconvenience caused,” the telco said in a public notice. Airtel TV was launched in August 2020 and offered a wide range of entertainment content, including movies, dramas, documentaries, music, and cartoons. Airtel TV subscribers could enjoy premium content from renowned studios like Universal, Nickelodeon, and the BBC without a subscription. The service was accessible to…

Kenya’s balance of payments surplus narrowed to KShs 84.1 billion in Q2 2024 from KShs 152.9 billion in Q2 2023, a significant improvement in the country’s trade position. This positive trend was primarily driven by a narrower current account deficit, which decreased by 34.5% to KShs 104.1 billion, the Kenya National Bureau of Statistics (KNBS) has released the Q2 2024 Balance of Payments report. Current Account Balance Item Q2’2023 Q2’2024 Y/Y % Change Merchandise Trade Balance (354.3) (341.2) 3.7% Services Trade Balance 27.4 43.6 59.1% Primary Income Balance (69.8) (45.6) 34.6% Secondary Income (transfer) Balance 237.7 239.2 0.6% Current Account…

Absa Bank Kenya PLC has established the Absa Kenya Foundation (AKF) to accelerate its social impact and sustainability initiatives. The Foundation will focus on four key areas: entrepreneurship, education and skills, natural resource management, and health and humanitarian relief. “This Foundation is yet another step forward in our journey to lead and innovate within the financial sector, acting as a catalyst for positive, lasting change. This presents us with an important opportunity to build upon our past experiences to strengthen our ability to create lasting shared value and scalable impact for our communities in a sustainable manner,” Absa Bank Kenya…

The Competition Authority of Kenya (CAK) has imposed a KSh10.9 million penalty on Mogo Auto Limited for engaging in false and misleading representations and unconscionable conduct against its customers. According to CAK, Mogo charged customers excessive amounts due to currency fluctuations and incorrect interest calculations. As a result, Mogo’s actions violated Kenyan consumer protection laws besides failing to disclose key terms and conditions of loan agreements. “The complainant accused Mogo of adjusting the terms flat rate to the reducing balance basis, and that the interest payable was calculated in USD, despite the facility being disbursed in KES,” CAK said in…

Kenya’s private sector experienced a slight downturn in September, with output and new orders decreasing after a brief recovery in August. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 49.7, indicating contraction for the third time in four months. Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. Economist Christopher Legilisho attributed the decline to ongoing economic challenges facing businesses and households, which led to reduced sales and activity. “Business conditions contracted slightly in September, implying that the pickup in August was due to some recovery after…