The Bank of Tanzania (BoT) has frozen exchange of Kenyan bank notes with immediate effect. Through a letter addressed to all financial institutions on Friday, the Tanzanian bank regulator said the Central Bank of Kenya had informed it of assurance of new series of banknotes starting May 31. With a view to combat illicit financial flows and counterfeits into the Republic of Kenya, the Bank of Tanzania has been advised to freeze CBK Currency Collection Account with immediate effect,’’ the memo read. “Consequently, CBK has suspended currency conversion and repatriation of all Kenyan currency to restrict illicit flows into the…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Safaricom has partnered with the 13th edition of Henry Wanyoike Hope for the Future Run which will be held on Saturday, June 8 in Kikuyu town, Kiambu County. The run has been organised to help raise Ksh 10 million, in-kind and cash that will be used to distribute 200 white canes for visually impaired people across all 47 counties. Safaricom has sponsored this year’s race to a tune of Ksh1 million and is expected to attract over 8,000 participants. “This year our goal is to distribute white canes to enhance mobility for visually impaired people. This will have a positive…
Equity Bank has set aside KSh3 billion loans for the next five years with the aim of reaching 100,000 food crop farmers through its Kilimo Biashara project. This is in line with the bank’s effort to improve the livelihoods of smallholder farmers. The bank has invested over KSh1.1 billion to improve market access, capacity building and expansion of agricultural production value chain as of end of this year’s first quarter. This has seen at least 638,522 small-scale farmers transformed to agribusiness entrepreneurs through eight of its agricultural projects and partnerships within the review period ending March 31, 2019. “Up to…
Kenya’s government has issued an apology to the flower industry for the delayed fertilizer clearance process and assured to streamline it’s investments and commitments to the sector. Dr. Chris Kiptoo, Principal Secretary, State Department of Trade while speaking at the seventh edition of the International Flower Trade Expo that opened in Nairobi on Wednesday, said, “Following consultations between the government and the industry players we have reduced the inspection of the fertilizer process and left that to four agencies to fast-track clearance.” This follows complaints from the industry last year after the government introduced new regulations to have all imported…
James Githii Mburu has been appointed as Commissioner General of Kenya Revenue Authority (KRA) for a period of three years. He takes over from John Njiraini. “In exercise of the of powers conferred by Section 11 (1) of the KRA Act, the CS of National Treasury and Planning appoints James Githii Mburu to be the Commissioner General of KRA for a period of three years, with effect from 1st July 2019,” a Gazette Notice from the Treasury Cabinet Secretary (CS) Henry Rotich. Before his appointment, he was the Commissioner for Intelligence and Strategic Operations who led investigations.
The market for luxury homes in Nairobi slid by 6.5% in the 12 months to March 2019 due to oversupply and fewer transactions according to the Knight Frank Prime Global Cities Index (PGCI) for the first quarter. This is the most significant reduction in values in a 12-month period that Nairobi has ever recorded since the index commenced recording data. In the three months to March, luxury home prices softened by half a percentage point, continuing a trend that has seen prices drop or remain unchanged in the city for the eighth consecutive quarter since the second quarter of 2017.…