Author: Khusoko

Kenya’s foreign exchange reserves remain stable, the Monetary policy Committee said on Tuesday attributed to a continued narrowing in the current account deficit and balanced inflows. Data from the CBK shows that the current account deficit narrowed to 5.3 percent in the 12 months to July from 5.6 percent in June 2018. Read: MPC Rate Meeting: Analyst Views on What to Expect The regulator expects it to ease further to 5.4 percent by December 2018 “ with a strong performance of agricultural exports particularly tea and horticulture, resilient diaspora remittances and improves receipts from services particularly tourism.” In the first six…

The 2018 Impala Floodlight rugby tournament has received a major boost days before the start of the rugby event. Safaricom Youth Network Blaze will sponsor the tournament now in its third year with 1.8 million. “We see great potential in the youth that is just waiting to be tapped. Sponsoring Floodies not only elevates the sport by providing financial and non-monetary assistance, it provides valuable opportunities for young players to showcase their skills, passion, and grit,” said Charles Wanjohi – Interim Director for Consumer Business, Safaricom. The sponsorship complements BLAZE’s ongoing thematic campaign, G.R.I.T., which stands for Greatness Requires Internal…

Kenya now boasts in having the longest railway tunnel in East Africa and second in Africa after South Africa. China Construction Company on Monday announced the successful drilling of the 4.5km tunnel at Embulbul in Kajiado County. This is the first of the three sections of the 7.14 km SGR tunnel expected after the completion of the second phase of the standard gauge railway running from Nairobi to Naivasha covering a total distance of 120 km. The 4.5 Ngong tunnel is designed as a single track railway tunnel comprising of three sets: a 4.5 kilometer stretch with a buried depth…

Kenya’s Monetary Policy Committee (MPC) is expected to retain its benchmark interest rate at 9.0 percent at its meeting Tuesday. Most financial analysts are in consensus that the regulator needs to ‘hold’ as it takes a wait-and-see approach. According to them, inflation is expected to tick up moderately with the enactment of the Finance Bill 2018 and uncertainty on the currency persists despite its resilience. They also state a stable macroeconomic environment. “We no longer expect a rate cut, from 9.0 percent, in September because of upside risk to inflation,” said Yvonne Mhango, Renaissance Capital, Sub-Saharan Economist. Genghis Capital analysts…

Former KenGen managing director and chief executive Albert Mugo has been appointed to the Africa50 Board as an independent member along with four other people. The other members that have joined the Board include Imoni Akpofure, Monhla Wilma Hlahla, Sophie L’Helias, and Assaad Jabre. The chief executive of Africa50 Alain Ebobissé said: “I am pleased that Assaad, Albert, Imoni, Monhla, and Sophie have joined the Board. They combine top-level regional and sectoral skills with long service on the boards of other companies. This is a very important addition to Africa50’s governance structure. Combined with our world-class Senior Leadership Team, which…

Kenya Commercial Bank (KCB) has been ranked as the most attractive bank in Kenya, a position it has retained since FY’2016, supported by a strong franchise value and intrinsic value score. The franchise score measures the broad and comprehensive business strength of a bank across 13 different metrics, while the intrinsic score measures the investment return potential. Cytonn Investments in their latest H1’2018 Banking Sector Report, KCB Group ranked first on the back of a high return on average equity of 21.9 percent, compared to an industry average of 19.5 percent, as well as high efficiency, with a Cost to…