In Kenya, the Central Bank is inviting investors to bid for the 15-year and 20-year treasury bonds worth $461.5 million, with proceeds to be used by National Treasury to finance the national budget. Moreover, diaspora remittance remained strong to hit $277 million in July which was a marginal decline from the $288.5 million recorded in June 2020. David Gitau, Invetment Analyst at Cytonn joins CNBC Africa for more.
During the week that the Kenyan government announced a phased reopening of the country from COVID-19 lockdown to stimulate the economy, the shilling dipped against the dollar while the Nairobi Securities Exchange lost $1.02 billion. Moreover, on Tuesday fuel prices jumped by the biggest margin since the country started controlling fuel prices in 2010. Felix Otieno, Investment Analyst at Cytonn joins CNBC Africa for more.
In Kenya, the banking sector continues to dominate activity at the Nairobi Securities Exchange with shares worth Ksh775 million transacted, which accounted for 48.27 per cent of the traded value in the week that ended on 30th April 2020. Moreover, the Central Bank of Kenya announced the insurance of a 5-year Ksh50 billion bond for budgetary support in May with the auction date set for Wednesday 6th of May. The market-determined bond will mature in May 2025 with CBK encouraging investors to use treasury mobile direct or internet banking to purchase the bond. Joining CNBC Africa for more is Rodney Omukhulu, Assistant Investments Analyst at Cytonn.
In Kenya, nearly a third or slightly more than one million borrowers will be removed from the country’s Credit Reference Bureaus (CRBs) following the central bank’s order to spare defaulters with unpaid loans of less than Ksh1,000. In addition, diaspora remittances to Kenya is expected to fall to its lowest as the consequences of lockdown in Europe due coronavirus. Felix Otieno, Investment Analyst at Cytonn joins CNBC Africa for more.
In Kenya, Foreign investors withdrew about $106 million from the Nairobi Securities Exchange in February and March, leading to a sharp fall in the value of blue chip stocks like Safaricom and Equity Bank Group. Also, Moody's has warned that measures put in place to shield Kenya’s banks from disruptions associated with the coronavirus outbreak, might not hold should the situation worsen. Rodney Omukhulu, Assistant Investments Analyst at Cytonn joins CNBC Africa for more.
Cytonn’s Rodney Omukhulu explains measures Kenyan govt. is taking to curb COVID-19 impact on economy
With the COVID-19 pandemic presenting an unprecedented global health crisis, the Kenyan government has taken drastic measures, including pay cuts for top government officials, in a bid to cushion the country from the economic shocks arising from the pandemic. Rodney Omukhulu, Assistant Investments Analyst at Cytonn joins CNBC Africa for more.
The Central Bank of Kenya (CBK) agreed with the banks to waive mobile money transfer charges starting Monday night until June 30 in the push for cashless payments aimed at curbing the spread of the coronavirus. Also, the US Trade Department has started negotiations on comprehensive trade agreement with Kenya in a move that will extend country’s preferential access after the current deal ends in 2025. Maryanne Ng’ang’a, Investment Analyst at Cytonn joins CNBC Africa for more.
Google has cancelled plans to buy a 12.5 per cent stake in Africa's largest wind farm after delays to the project. The 310 megawatt (MW) Lake Turkana wind farm in Kenya was initially set for completion 2017, after which Google had committed to buy the stake from Danish wind turbine maker Vestas. Also the country set up two new facilities to test for the coronavirus. Initially, all samples taken from individuals suspected to have the virus were sent to South Africa. Rodney Omukhulu, Assistant Investments Analyst at Cytonn joins CNBC Africa for more.
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