United States President Joe Biden has nominated an Indian-American born Ajaypal Singh Banga as the next president of the World Bank. Biden nominated Banga on February 23 after the sitting WB boss David Malpass recently announced his intention to step down by the end of June
Kenya is facing the worst currency crisis, a scenario last witnessed in 2012 even as the Central Bank of Kenya (CBK) remained positive. In 2022, constrained external financing led to Kenya suspending plans to tap international capital markets, forcing it to draw more extensively on its
The National Bank of Kenya (NBK) has launched a new product in the market aimed at empowering women entrepreneurs in the country. The new product dubbed "Nia" seeks to provide women-owned and women-led enterprises with access to financial support, capacity building, and mentorship to enable them
The United Nations (UN) has faulted the developed economies around the world for causing debt distress in 25 Least Developed Countries (LDCs), the majority of which are from Africa. This was revealed during the ongoing UN Conference on LDC in Doha, Qatar, a four-day conference that
The Kenyan Government will now develop a standardised policy for the production of school uniforms in secondary schools. In a National Assembly proceeding Wednesday, Deputy Speaker Gladys Shollei put the question for the state to develop a policy to produce uniforms, in which a majority of
Susan Koech has been approved as the second Deputy Governor of the Central Bank of Kenya (CBK). Koech, alongside Sheila M’Mbijjewe, will deputise Dr. Patrick Njoroge who has held the office since 2015. The Finance and Planning Committee of Parliament Tuesday approved Koach’s appointment, enabling the CBK
Moody’s Investors Service (“Moody’s”) has affirmed the A3 insurance financial strength rating (IFSR) of the African Trade Insurance Agency (ATI) for the fifth consecutive year and changed the outlook from stable to positive. The change in outlook to positive reflects the strong growth in ATI’s membership
Kenya’s Foreign Exchange Reserves dipped to its lowest starting March, falling below the East African Community's (EAC) statutory threshold of 4.5 months of import cover. Data by the Central Bank of Kenya (CBK) paints a gloomy picture of the country’s Forex, which has also fallen short
The Kenya Revenue Authority (KRA) made a U-turn Wednesday on its decision to suspend tax relief following a public outcry. In a statement, the taxman clarified that the reliefs were not scrapped, a matter than can only be effected through "amendment of the law.” The suspension affects
The high cost of basic household commodities pushed Kenya’s inflation to 9.2 percent, according to the latest report by the Kenya National Bureau of Statistics (KNBS). The rate edged up in four months since October last year when KNBS placed it at 9.0 percent. “Prices of most
