Author: David Indeje

Kenya’s foreign exchange reserves rose $11 billion to touch a record high of $9,352 billion in the week ended Aug. 6, 2021, the Central Bank data showed Friday.  The forex reserves are now the equivalent of 5.72 months of import cover, hovering just above the EAC required minimum. The reserves had in the previous week declined by $30 billion to $9,341 billion from $9.37 billion the prior period. In July, according to market analysts, the shilling shed 70-cents of its value over the month on the back of rising dollar demand pressures. “FX reserves however ended the month higher at…

The number of people vaccinated against the COVID-19 virus in Kenya has reached more than 1,768,519, the Ministry of Health said on Friday. The number translates to 2.5 per cent of its population since the vaccination campaign began on 5th March 2021.  County vaccinations commenced on the 8th of March 2021. On the other hand, the second dose vaccination began on 28th May 2021. “As of August 5th, 2021, a total of 1,768,519 vaccines had been administered across the country with total first doses standing at 1,084,013 & 684,506-second doses had been administered.  The proportion of adults fully vaccinated in…

The Kenyan economy is expected to expand 6.6 per cent in the financial year 2022/23 (FY22) from an estimated 0.6 percent in 2020. The growth will be supported by the government’s medium-term growth targets. “Kenya’s economic recovery will center on the progress of the vaccination effort, macroeconomic stability, and implementation of the projects under the “Big Four Plan”. We remain hopeful that our economy will rebound to above 6.0 percent over the medium-term from a growth of 0.6 percent in 2020,” National Treasury and Planning Cabinet Secretary Ukur Yatani said. Yatani however, said the coronavirus pandemic and heightened political activity ahead…

Kenya’s private sector confidence improved in July to hit a five-month high, a survey showed on Wednesday, a sign that the economic recovery was broadening besides a fresh wave of coronavirus infections. A third of businesses surveyed provided a positive forecast for output over the coming 12 months.  “Several firms cited plans to open new branches and increase their advertising,” according to the PMI Index survey findings. However, the sector’s growth was at its slowest rate in July as output and new order growth weakened to three-month lows. According to the Purchasing Managers Index (PMI) by Stanbic Bank Kenya, which…

Unga Group Plc says it will partner with Dutch-based Nutreco International in two joint venture deals in Kenya and Uganda. In a cautionary announcement, Unga Group says it shall invest in and form a 50:50 joint venture company in Kenya. In addition, it will transfer Nutreco International’s respective Kenya aquafeed businesses and certain production equipment to the Kenyan joint venture. On the other hand, Nutreco International, a global leader in animal nutrition and aquafeed and Unga Millers, another Unga Group subsidiary, shall invest in and create a joint venture in Uganda. It will also transfer all their respective Uganda animal…

National Bank of Kenya (NBK) has revamped its investment unit, National Trustee and Investment Services Limited (NTISL), to deliver enhanced value to its customers. NBK, a fully-fledged Commercial Bank and a subsidiary of KCB Group has named Victor Odendo, a seasoned investment professional as Principal Officer of NTISL. Odendo will take charge of the revamped unit.   The unit will offer fund management for pension schemes, provident funds and trust funds. It will also offer private wealth management for clients seeking tailor-made investment portfolios; umbrella schemes for small or start-up pension schemes that cannot run on their own. In addition,  personal…