Category: East Africa
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State in fresh pension scheme rollout pledge
The Public Service ministry has said it will roll out the contributory pension scheme for government workers this year, a plan that has been in the offing since 2012. Public Service secretary Sicily Kariuki said the ministry was working to have the scheme in place by the end of the year. “This year the National…
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Kenya: Falling food prices offer little relief from inflation
Inflation is likely to remain in the double-digit zone in the next month even as fresh food and fuel prices fall, market watchers have said. Analysts at Commercial Bank of Africa, Genghis Capital and Cytonn Investments say the inflation rate in June is likely to fall by less than a percentage point and should remain…
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Despite weak oil prices, OPEC still pockets more dollars
With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this…
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Kenya:Treasury bill uptake lower as bond sold
Treasury bills subscription dropped further to average 103.75 per cent last week as most investors focused on the recently reopened 4.9 years Treasury bond. The overall subscription rate dropped from 155.4 per cent recorded the previous week. Subscription rate for 91-, 182-, and 364-day government papers floated by the Central Bank of Kenya (CBK) in…
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Tanzania revenue forecast too optimistic, could delay projects, says IMF
Tanzania may have to delay the construction of some of its major infrastructure projects because its revenue expectations for 2017/18 are “potentially over-optimistic”, the International Monetary Fund said on Monday. The country plans to increase spending in its budget for the fiscal year ending June 2018 by 7.3 per cent to Tsh31.71 trillion ($14.21 billion,…
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DRC hikes key rate to 20% to stabilise franc: central bank
Democratic Republic of Congo raised its key interest rate to 20 percent from 14 percent on Monday as it sought to stabilise its volatile franc currency, the central bank said in a statement. The Congolese franc has lost half of its value against the dollar over the past year due to low tax revenues from…
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Kenya: T-bills uptake falls on low long-term securities demand
Treasury bills subscription dropped to an average 155.4 per cent last week compared to 209.2 per cent recorded the previous week. Subscription rates for the 91-, 182-, and 364-day government papers came in at 312.5 per cent, 159 per cent and 89 per cent compared to 381.5 per cent, 255.5 per cent and 94.1 per…
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Kenya: Safaricom, EABL rally lifts NSE Sh197bn in four weeks
Market capitalisation at the Nairobi Securities Exchange has grown by Sh197 billion in the past four weeks, beefed up by gains by Safaricom stock that has in the past week touched an all-time trading high of Sh24. Investor wealth now stands at Sh2.222 trillion, with the market undergoing a revival in the second quarter of…
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Kenya: Regulator ‘unaware’ of KCB’s takeover bid of National Bank, cautions public
The markets regulator has said it is not aware of any possible acquisition of National Bank of Kenya shares by the Kenya Commercial Bank (KCB). The Capital Markets Authority (CMA) said KCB has not made any regulatory filings regarding the proposed acquisition of NBK’s majority shares. KCB reportedly lodged an expression of interest to acquire…
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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence
Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and…