Kepha Muiruri
2701 Articles
President Ruto scores poorly on economic pledges in first 100 days - Survey
The survey involved a sample size of 840 Kenyans and was conducted between December 21 and December 22. President Ruto scored 49.2 points or a D in his attainment of economic pledges in the period.He returned the lowest score in making food affordable and accessible to Kenyans, lowering the cost of...
CBK dollar reserves rebound after breaching limit
New data from the CBK shows the largely dollar-denominated cover rose by Ksh.56.9 billion last week to an equivalent 4.22 months' import cover.The reserves now stand at Ksh.928.6 billion from Ksh.871.6 billion previously.According to the IMF, Kenya has revised down its foreign reserves targets...
Costly Christmas as Kenyans feel the pinch of high inflation
Milk, sugar, sukumawiki, potatoes and cabbage prices have increased by 17.3, 23.2, 10.4, 37.2 and 14.4 per cent respectively.Not even alcoholic beverages have been spared in the prices hike with beer (larger, stouts) prices rising by 8.4 per cent across the last one year.
Treasury snaps Ksh.10.8 billion as investors snub December tap sale
Despite the lucrative offer for a tax free return and a 13.215 per cent coupon, investors put in bids of just Ksh.10.8 billion in the secondary sale of the infrastructure bond (IFB) which was initially a switch bond.The jitters have seen investors favour Treasury bills over the longer tenured bonds...
KPA in fresh attempt to fill vacant Managing Director post
KPA has been without a substantive Managing Director since March 2020 when the then MD Daniel Manduku resigned days after he was arrested over alleged graft.Previous attempts by the KPA Board to fill the post in March last year collapsed after the then Treasury Cabinet Secretary Ukur Yatani rejected...
Treasury allows duty-free imports of sugar, maize and rice
In a new gazette notice, the exchequer says the duty-free sugar importation window aims to resolve the current sugar crisis in the country as consumers pay a premium for the commodity on global shortages and high import costs.Additional data from the Kenya National Bureau of Standards (KNBS) shows a...
KQ defaults on Ksh.24 billion debt
By mid-November, KQ’s total debt portfolio stood at Ksh.102.9 billion ($835 million) including all debts, loans, letters of credit and convertible equity amounts.An estimated Ksh.84.9 billion ($688 million) of the debt portfolio is guaranteed by government exposing taxpayers to further losses in the...
Sameer names new Managing Director
John Mugo is set to take over ranks from Peter Gitonga who retires from the company on December 31.Mugo served as the Chief Operating Officer at investment firm TransCentury Plc and has held different senior roles at Tanelec Limited, East African Cables and Bamburi Cement.
IMF probes Kenya’s dollar shortage crisis
According to the IMF, the availability of dollars in the forex interbank market has dried up, forcing banks to seek dollars from clients.This has resulted in transactions priced at rates further from the official exchange rate.While emphasizing it maintains a stable and market-driven exchange rate,...
Kenya seeks Ksh.111 billion syndicated loan
The National Treasury has disclosed the planned external commercial borrowing to the IMF even as it doubles down on Kenya’s primary reliance on concessional external financing.In the financial year ended June 30, the government failed to raise an estimated Ksh.135.5 billion ($1.1 billion) in externa...