Author: David Indeje

Kenya’s total receipts in May of the current fiscal stood at Ksh 122.6 billion trillion.  This is according to data from the National Treasury’s statement of actual revenues and net exchequer issues across 11 months of the 2020/21 financial year to May 31, published on Friday.  In the period, tax receipts in 11 months stand at Ksh.1.313 trillion, a similar level to the combined collections of Ksh.1.33 trillion at the same time last year. Non-tax revenues registered a dip at Ksh 459.3 million during the month to Ksh 80.6 billion.  According to Genghis Capital Analysts, the numbers “signals an overall…

Kenya received over USD315.8 million in remittances in May, a 22.3 per cent increase from the previous year, despite a pandemic that continues to devastate the country’s economy, according to the central bank.  According to the CBK, the cumulative inflows in the 12 months to May 2021 totalled USD 3,365 million compared to USD 2,816 million in the same period in 2020, a 19.5 per cent increase.  The report said the US remains the largest source of diaspora inflows into Kenya.  “The United States continues to be the largest source of remittances to Kenya, an all-time high of $182.6 million…

Kenya has raised one billion Euro (Ksh 107.9 billion equivalent) Eurobond issuance as part of its plans to bolster its liquidity. The dollar-denominated bond has had an interest rate of 6.3 per cent for a 12-year tenure, marking its fourth sovereign loan since 2014.  Citi and JP Morgan had been appointed as joint book-runners for the dollar-denominated sovereign bond issue, and I&M Bank and NCBA Group as co-managers, Refinitiv’s capital markets news service IFR said on Tuesday.  The Eurobond issue will mature on 23 June 2034 with the principal repayment made in two equal instalments on 23 June 2033 and…

“I’m looking for a job, this fish one, is barely sustainable, especially with these new Covid -19 directives. I’m not closing the fish one though, I need another one to supplement. Lakini (but) getting another is the problem since I started this fish business out of joblessness,” Wanjiru wa Doroo, a Kenyan fish monger shares her story on Twitter. Wanjiru’s hope to get another job is just one of the effects of  Covid-19 hitting the lower strata of society and daily wage workers who continue to face the greatest impact due to reduced household income. The first case of COVID-19…

Cytonn Investments, a leading alternative investment management firm in the East African Region, has expressed deep concerns over the Capital Markets Authority of Kenya (CMA) statement as ‘malicious’ that it is not a licensed and approved entity to offer Cytonn High Yield Solutions. This is not the first time the regulator has warned investors against engaging with unlicensed firms offering fund management and investment advisory services trading. In 2020, the CMA clarified that the only licensed entity is Cytonn Asset Management Limited, which is licensed as a Fund Manager and a Real Estate Investment Trust (REIT) Manager. According to Cytonn,…

“This third Covid-19 wave has a different pattern compared to all previous waves – not going down completely, lingering active caseloads and bumpy offshoots driven by an intensified spread in Lake Victoria region posing a huge threat for a wider rebound across the country,” Dr Ahmed Yakub Kaleb, Independent Consultant Pathologist Tweeted June 14, 2021. Kenya had just emerged from a moderate second wave of Covid-19 infections to a more devastating third wave. The country had announced a third wave of the COVID-19 outbreak in early March 2020. Then, the Africa Centres for Disease Control (CDC) had reported a 13…