Author: David Indeje

Kenya’s foreign exchange reserves hit a life-time high of 10.06 billion US dollars, the central bank confirmed on Monday. “This gives the central bank unprecedented cushion against external shocks. Moreover, sustained stability in the current account position should offer fundamental support for the currency,” according to Faith Atiti and Stephanie Kimani, Commercial Bank of Africa Limited Market Analysts. The Central Bank said the foreign exchange market has remained stable supported by the narrowing of the current account deficit to 4.5% of GDP in the 12 months to April 2019 from 5.5% in April 2018. READ: Kenya’s Central Bank Keeps Key…

Kenya Airways PLC (KQ) is looking for a new chief executive officer. The board announced in a press release Tuesday that it has accepted the resignation for personal reasons of KQ chief executive officer and group managing director Sebastian Piotr Mikosz, who has been at the helm for 3 years. “The Board of Kenya Airways will shortly begin a competitive recruitment process to find Mr. Mokosz’s replacement,” said the airline. It also clarified that Mikosz will continue to serve in his capacity as CEO and Group MD until 31st December 2019. On Friday, Mikosz offered to resign from his role…

Kenya’s economy remains bullish for the private sector that continues to exhibit sustained optimism, but and there are risks too, according to the latest survey on market conditions. In its May 2019 survey on market conditions, the Central Bank of Kenya (CBK), showed that the private sector expects inflation to remain within the target range, with expectations of lower food prices following improved weather conditions, and the stability in the exchange rate. However, besides tailwinds as a result of the ongoing public infrastructure investments, implementation of the Big 4 projects by the Government, expected growth in tourism, a stable macroeconomic…

Central Bank of Kenya (CBK) held its benchmark lending rate at 9.0% on Monday, saying there was a need to remain vigilant on inflation. “The Committee noted that inflation expectations remained well anchored within the target range, but there is need to remain vigilant on possible spillovers of recent food and fuel price increases,” said Dr. Patrick Njoroge, Chairman, Monetary Policy Committee. This is the fifth consecutive decision by the bank to keep rates on hold since September. The inflation rate stood at 6.6 percent in April compared to 4.4 percent in March, mainly reflecting increases in food prices attributed to…

Kenya Airways (KQ) Managing Director and Chief Executive Sebastian Mikosz will be leaving the airline by end of the year. “I have made the decision to shorten my contract term and I have decided to resign on personal grounds effective Dec. 31,” Sebastian Mikosz said in a memo. Kenya Airways (KQ) reported a Ksh 7.6 billion pretax loss in its 2018 financial year performance from Ksh 6.4Bn in FY17 due to a surge in operating costs. Mikosz was appointed in June 2017 taking over from Mbuvi Ngunze who had been at the airline’s helm for two years and five years.…

Same-sex relations in Kenya remains illegal and punishable by 14 years in jail after the Kenyan High Court upheld its ban on Friday on a suit that sought to decriminalise homosexuality. The judges noted that the consolidated petitions had no merits. “We hereby decline the relief sought and dismiss the combined petition,” Justice Roselyn Aburili said, relaying the unanimous opinion of the three-justice panel. The judges further said that from a careful examination of the provisions of section 162 and 165 find that they did not violate the right to privacy and dignity. “Decriminalising the conduct in the sections would…