Remittances sent home by Kenyans living abroad jumped significantly in January 2024, reaching $412.4 million. This is an impressive 5.3% increase compared to the same period in 2023 and 18% higher than December 2023. According to the Central Bank of Kenya (CBK), Kenyans living abroad sent Sh53.9 billion ($372 million) in December last year, 18% higher than in January 2023. The United States remains the largest source of Kenyan remittances, accounting for 54% of all inflows last month. The cumulative inflow for the 12 months to January 2024 totalled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Fuel prices in Kenya have dropped by one shilling, according to the latest Energy and Petroleum Regulatory Authority (EPRA) review. In Nairobi, super petrol, diesel, and kerosene will sell at KSh 206.36, KSh 195.47 and KSh 193.23, respectively, for the next 30 days – 15th February to 14th March. The fuel prices include a 16% value-added tax (VAT). According to EPRA, the average landed cost of imported super petrol decreased by 1.71% from US$ 677.78 per cubic metre in December 2023 to US$ 666.16 per cubic metre in January 2024. Diesel cost decreased by 3.08% from US$ 751.15 per cubic…
Cash-strapped Uchumi Supermarket Plc is set to host a creditors and members meeting virtually on Thursday, 29th February 2024. This meeting follows a similar virtual gathering held on 30th May 2022. Uchumi has called for a creditors meeting Feb 29. How is Langata branch doing? https://t.co/AW3R940iCm pic.twitter.com/EOdQ3SroMQ — David Indeje 🇰🇪 ( He/Him/His) (@David_Indeje) February 8, 2024 Uchumi closed down, was placed in receivership in June 2006 after 30 years of business, and was de-listed from the Nairobi Securities Exchange. According to People Daily, Uchumi Supermarket Plc has embarked on a recovery program. The company aims to make a breakthrough…
The Kenyan Cabinet has given the green light to privatise six state-owned corporations, including five hotels and one bank. Development Bank of Kenya (DBK): The government plans to divest from DBK, which has fully transitioned into a deposit-taking commercial bank regulated by the Central Bank of Kenya. DBK started as a non-banking financial institution in 1963, focusing on promoting and developing commercially viable projects. “The decision by our nation’s apex policy-making organ was informed by the fact the Bank had fully transitioned into a fully-fledged deposit-taking commercial bank regulated by the Central Bank of Kenya (CBK),” read part of a…
Kenya Breweries Limited (KBL) is scaling up the rollout of Diageo One, an online platform that enables retailers to place orders online. This is after piloting it for a year. Mark Ocitti, the Managing Director of KBL, says Diageo One will revolutionize how liquor manufacturers interact with trade partners, particularly distributors and retailers. “From what we have seen during the trial stage, Diageo One will revolutionise the way we engage with our trade partners—distributors and retailers—at the point of purchase,” Ocitti stated The COVID-19 pandemic has accelerated the adoption of digital solutions in the consumer goods industry. With increased access…
Kenya has successfully issued a Ksh 234 billion ($1.5 billion) new Eurobond priced at 9.75% with a maturity date set for 2031. The bond garnered significant demand, with the order book exceeding Ksh 936 billion ($6 billion). The proceeds from the 2031 Eurobonds will be used to fund the offer to buy Kenya’s existing $2 billion Eurobonds due in 2024, pending demand in the Tender Offer. Results are expected by February 15, 2024, according to the National Treasury and Economic Planning, Kenya achieves successful pricing of $1.5 billion Eurobond,strengthening debt management strategy. For details, see below: pic.twitter.com/K7GKQsehrO — The National…