NAIROBI, Oct 1 (Reuters) – An upward revision of Kenya’s
economic output shows that the country’s economic reforms are
paying off, with the potential for future growth to exceed 6
percent a year, an International Monetary Fund (IMF) official
said on Wednesday.
Kenya announced on Tuesday that last year’s gross domestic
product was $53.4 billion – 25 percent higher than previously
stated – after updating the base year for its calculation.
Growth for 2013 was revised up to 5.7 percent from 4.7 percent.
NAIROBI, Sept 23 (Reuters) – Kenya’s shilling
weakened on Tuesday due to demand for dollars, particularly by
energy importers, and traders said the currency could extend
losses unless the central bank offered support.
The benchmark share index edged down as investors
booked gains from its recent rally.
NAIROBI, Sept 22 (Reuters) – Kenya’s shilling weakened on
Monday after importers sought to buy dollars, partly unwinding a
strengthening seen at the end of last week when the central bank
The benchmark share index at the Nairobi bourse
surged 1.86 percent, driven by demand from local investors
pulled in by a recent rally in shares.
KIRINYAGA, Kenya, Aug 29 (Reuters) – Nancy Njeri lugs a sack
of fresh coffee berries to a hilltop factory from her small
farm, which produces one of Kenya’s main cash crops yet earns
barely enough for her family of seven children.
“We are toiling hard and the coffee does not give us good
returns,” she said, after reaching the processing plant where
the berries from her 200 coffee trees are de-husked and the
extracted beans are graded and dried ready for roasting.
NAIROBI, Aug 20 (Reuters) – The Kenyan shilling
firmed on Wednesday, lifted by profit-taking and exporters
cashing in on the currency’s recent losses, while the NSE-20
share index stumbled.
At the 1300 GMT close of trade, commercial banks quoted the
shilling at 88.20/30 to the dollar, up from Tuesday’s close of
88.35/88.45, its low for this year.
NAIROBI, July 31 (Reuters) – KCB Bank, Kenya’s
largest lender by assets, plans to raise funds from
international debt markets for lending to the real estate
sector, its CEO said after announcing a 16 percent jump in
Kenya successfully issued its first sovereign bond, worth $2
billion, last month, setting a benchmark for local companies
that may wish to tap debt markets abroad.
NAIROBI, July 23 (Reuters) – Kenya’s securities market
priced shares in its initial public offering at 9.50 shillings
($0.11) on Wednesday, saying it planned a new derivatives
market, as it opened up to non-brokers for the first time in 60
The Nairobi Securities Exchange (NSE) is used as an entry
point into east Africa by foreign investors seeking exposure to
fast-growing economies in the region. Several Kenyan firms are
cross-listed on neighbouring bourses.
NAIROBI, July 3 (Reuters) – African countries’ rapid growth
over the past decade may have been the envy of many developed
economies, but their number crunchers have struggled to keep up.
That barely mattered when investors were desperate to find a
place to park their cash as more developed markets careered off
NAIROBI, June 25 (Reuters) – Kenya Airways is to
focus on carrying transit passengers through its Nairobi hub as
tourists have been put off visiting the east African nation by
the series of attacks blamed on Islamists, its new chief
executive said on Wednesday.
The airline, which picked chief operations officer Mbuvi
Ngunze to replace Titus Naikuni as chief executive when he
leaves in December, has suffered following a fire at the Nairobi
airport last August and attacks by Somalia’s al Shabaab rebels.
NAIROBI, June 25 (Reuters) – Kenya plans to tap
international markets again in the new financial year and may
opt for an Islamic bond after its debut $2 billion Eurobond was
heavily oversubscribed, the finance minister said on Wednesday.
President Uhuru Kenyatta told the same news conference that
funds raised via last week’s Eurobond would cut the government’s
local borrowing requirement, which would in turn help reduce