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, 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.
The Nairobi Securities Exchange shed more than half a trillion Kenyan shillings as investors reacted to cases of COVID-19 on the country's economy. Felix Otieno, Investment Analyst from Cytonn Investments joins CNBC Africa for more.
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