Kenya | - Part 2

Central Bank of Kenya Warns About Bad Loans in Banking System

NAIROBI, Kenya, Capital Markets in Africa — The amount of non-performing loans in Kenya’s financial system and the inadequate funds set aside to cover them are hampering the industry, Central Bank Governor Patrick Njoroge said, adding his office would conduct more stringent surveillance of the sector. NPLs rose to 6.8 percent of total credit in February from 5.7 percent a year earlier, Njoroge, who’s been in the job for less than a year, told reporters in the capital,…

Central Bank of Kenya keeps interest rate at 11.50% in March

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NAIROBI, Kenya, Capital Markets in Africa — The Monetary Policy Committee (MPC) met on March 21, 2016 to review market developments and the impact of its previous monetary policy decisions. The MPC decided to retain the Central Bank Rate (CBR) at its current level of 11.5 percent, to continue to anchor inflation expectations and enhance the credibility of its policy stance. The Bank noted that month-on-month overall inflation fell to 6.8 percent in February 2016,…

IMF Doubles Kenya’s Standby Loans to $1.5 Billion

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NAIROBI, Kenya, Capital Markets in Africa — The International Monetary Fund approved $1.5 billion in precautionary funding for Kenya, East Africa’s biggest economy, the Washington-based lender said on March 15. The agreement comprises a $989.8 million so-called standby arrangement and a $494.9 million standby credit facility, both for two years, the IMF said in a statement on its website. Kenya is now entitled to access about $757.5 million of the total, with the remainder available in four portions…

Kenya holds Lending Rate Unchanged at 11.5% as Kenyan Shilling Stabilizes, Inflation Ease …

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Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) kept its key Central Bank Rate (CBR) unchanged as the Kenyan shilling stabilized against the US dollar and easing pressure on inflation, according to the statement signed by Governor Patrick Njoroge. The Monetary Policy Committee retained the lending interest rate for a third consecutive meeting at 11.5 percent after an increase of 150 basis points each in June and July to cushion the effect of Kenya…

Kenya’s Monetary Policy Committe retains Policy Rate at 11.50 percent

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Nairobi, Kenya, Capital Market in Africa — At the end of the September 22nd 2015 Monetary Policy Committee (MPC) meeting, the MPC kept the policy rate (Central Bank Rate — CBR) at 11.5 percent, with intention to keep inflation in control which was trending towards the five percent target. The benchmark interest rate, was kept unchanged for the third time after it was raised in July by 150 basis points to current level. The MPC, also…

Moody’s says Kenya B1 rating reflects robust growth potential balanced

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Nairobi, Kenya (Capital Markets in Africa) — Kenya’s B1 rating and stable outlook reflect the country’s robust growth potential, its leadership role in the East African region and its commitment to structural reforms, Moody’s Investors Service said in a report published today. These advantages are balanced against Kenya’s weak, although strengthening institutions, large twin (government and current account) deficits and national security challenges. The decentralization of the government introduced in the 2010 constitution has helped…

Barclays eyes Kenyan asset management after insurance deal

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Nairobi, Kenya (Capital Markets in Africa) – Barclays Africa Group plans to move into the asset management business in Kenya this year after reaching a deal on Wednesday to buy a majority stake in insurer Kenya First Assurance Ltd for 2.8 billion shillings ($28.84 million). Barclays’ deal to buy a 63.3 percent in the Kenyan insurance company is part of a plan to boost revenue from its African operations outside of South Africa. Barclays Africa…

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