Deputy President William Ruto makes official opening remarks today, Tuesday, December 8, 2015 during Development Partnership Forum (DPF) on “Youth Employment” at his official residence, Karen in Nariobi. Ruto is the Forum Chair. The forum, which was attended by among others, Principal secretaries, members of Council of Governors, Ambassadors and High commissioners, Heads of mission, the Private Sector, Civil Society Organizations and foundations is envisioned to adopt the recommendations of the thematic Pre-DPF- Development Partnership Forum.
Bank of Africa Kenya has unveiled new strategies to increase market share, to be implemented in 2016 – 2018 financial years.
The bank has opened three container branches, called BOA Direct, located at Total Petrol stations on Thika Road, Jogoo Road and Industrial Area in Nairobi.
Average interest rates on the benchmark 91-day Treasury Bills have fallen to single-digits for the first time since early July, helped by increased inflows from foreign investors chasing high returns.
At the weekly auction on Thursday last week, yield on the three-month by the government to borrow cash to fund the budget fell to 9.65 per cent – a 4.11 per cent drop from previous week’s 13.76 per cent.
The National Treasury Cabinet Secretary Mr. Henry Rotich has emphasized on the importance of moving from the Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs) as the only way to facilitate Development Partnership Forum on Youth Employment.
The Central Bank of Kenya (CBK) has indefinitely suspended licensing of new commercial banks, paving way for mergers and acquisitions.
The decision comes in the wake of massive fraud on customers’ savings at Imperial and Dubai Banks, which apparently escaped its supervisory wing.
The Central Bank of Kenya (CBK) said it was offering Kshs.8 billion into money markets using reverse repurchase agreements.
Traders on Friday last week have said the repo offerings help ensure smaller banks have access to shilling liquidity, which the CBK has said tends to be skewed towards larger lenders in the Kenya market.
Charles Khayira, Deputy Director Education, who represented the Principal Secretary, Education, Science and Technology gives the keynote address today, Tuesday, November 24, 2015 during Ministry of Education, Science and Technology – East African Community Students’ Essay Writing Competition 2015 National awards Ceremony at the Kenya Institute of Curriculum Development in Nairobi. The participants of the essay competition were required to write essays of between 1000 – 1500 words on: “Why political stability is is important for the integration of the East African Community partner?” The competition commenced on March 30th, 2015 and ended on 17th July, 2015.
The government has banned non-essential foreign travel by public officers and cut spending on breakfast meetings, office furniture, printing and advertising to make a saving.
The trips blacklisted include benchmarking and study tours by national and county government officials.
National Treasury Cabinet Secretary Mr. Henry Rotich has accused some counties of not fully utilizing funds allocated to them.
At the same time, Mr. Rotich has defended the decision to delay the disbursement of funds to counties with low absorption of funds.
The Central Bank’s Monetary Policy Committee (MPC) has retained its key lending rate at 11.5 per cent for the third time in a row in line with analysts’ forecast.
MPC chairman Dr Patrick Njoroge, said measures taken on September 22 meeting had stabilized the market, except for the significant rise in the Treasury bills.
A steady shilling prompted the Monetary Policy Committee to retain the Central Bank Rate (CBR) at 11.5 per cent.
Other factors that informed the decision were decline in Treasury bill and inter-bank lending rates, and inflation hovering within the targeted range.
Tightening credit conditions are driving international banks out of trade financing slowdown of world economies, which has constricted global trade by four per cent.
Reminiscent of the 1990s when various banks closed shop in a period now known as the lost decade of Africa, the financial sector is optimistic that this time the continent is ready to cover itself, given growth in the financial sector.
A new proposed formula released by the Commission on Revenue Allocation (CRA) for sharing of revenue among the 47 devolved units relies less on poverty levels in the sharing of Billions from the National Treasury among the counties.
The national government will raise share of allocations to the devolved units that increase their own internal revenue collection during the preceding financial year.
The Central Bank of Kenya (CBK) offered Kshs.16 billion into the money markets using reverse repurchase agreements.
Traders yesterday said the reverse repo offerings help to ensure that smaller banks have access to shilling liquidity which the CBK has said tends to be skewed towards larger lenders in the Kenyan market.
The Government will not reverse the directive to use online procurement although some counties oppose it for fear of being held accountable through its transparency.
National Treasury Cabinet Secretary Mr. Henry Rotich who appeared before the Senate Committee on Finance admitted, however, that the system faces problems.
The Resources Mobilization Department in the National Treasury has served the country very well over the years and continues to do so.
The department is under the Directorate of Public Debt Management Office which is instrumental in seeing that the resource mobilization function is performed by the Ministry for the benefit of Kenyans.
Global economies are built by Small and Medium Enterprises (SMEs). They provide the entrepreneurial vibrancy and vitality which drives economic activity across different industries.
The SMEs are the undisputed foundation of economic diversification and expansion, contributing immensely towards a positive socio-economic impact within the country. Their importance in Kenya is reflected in the Economic Survey 2014 which showed that 80 per cent of the 800,000 jobs created were in the informal sector that is dominated by SMEs.
The Kenya shilling lost ground against the dollar on Friday last week, hurt by loosening liquidity in the money markets.
At 11.00 a.m. commercial banks quoted the shilling at 102.25/102.35 to the dollar, slightly weaker on Thursday’s close of 102.15/25.
One Nairobi-based trader said the shilling slipped due to loosening liquidity following heavily subscribed government debt auctions where most of the bids were rejected.
Average interest on short-term interest rates continues to fall piling pressure on banks to lower cost of borrowing.
Yield on government papers fell for the third straight week as it continued to cut appetite for domestic borrowing, which pushed the rates to record highs on October 22.
Cabinet Secretary, Henry Rotich delivers keynote address today Wednesday, November 18, 2015 when he officially opening a three-day public hearings of 2016/17-2018/19 Medium Term Expenditure Framework (MTEF) Budget – Public Sector Hearings at the Kenya Institute Curriculum Development, Nairobi. The main objective of the forum is to receive feedback from the public and stakeholders stakeholders to validate the sector budget proposals for the next MTEF period.