NAIROBI, Oct 31 (Reuters) – The International Monetary Fund
on Monday trimmed its 2011 growth outlook for Kenya on Monday
and backed further funds to boost the country’s foreign exchange
reserves to help tackle a widening balance of payments gap.
The Washington-based body gave the green light to a $250
million top-up to a $500 million extended credit facility,
pending full board approval, and said Kenya’s central bank
should tighten monetary policy further to stem high inflation.
NAIROBI, Oct 24 (Reuters) – Equity Bank’s
nine-month pretax profit rose 39 percent as its push into
branchless or agency banking drove growth in deposits and loans,
Chief Executive James Mwangi said on Monday.
Kenya’s central bank allowed banks to start offering
services through agents such as retail stores and service
stations last year to deepen access to financial services in a
country where a third of the population lacks access.
NAIROBI, Oct 13 (Reuters) – Kenya’s Treasury will act
decisively to stem local currency volatility, Finance Minister
Uhuru Kenyatta said on Thursday, adding the shilling’s weakness
is not due to economic fundamentals which he said were broadly
Minutes later, at the same press conference, the central
bank said it was intensifying its efforts to mop up shilling
liquidity, underscoring efforts by policymakers to display a
coordinated response to tackling the currency crisis.
NAIROBI, Oct 7 (Reuters) – Central Bank of Kenya’s record
increase of its key lending rate was an “important” step
towards stabilising the ailing shilling, top government
officials said on Friday, reaffirming the country’s commitment
to a floating exchange rate.
Policymakers in east Africa’s biggest economy have struggled
to get to grips with rampant inflation and a battered local
currency this year, although Wednesday’s 4 percentage points
rate rise is expected to go a long way to restoring confidence.
NAIROBI, Oct 5 (Reuters) – Kenya expects a planned liquefied
natural gas terminal to cost $500 million and take 3-5 years to
build once it floats a tender in February 2012 as it seeks to
diversify sources of electricity to meet rising demand, an
energy official said on Wednesday.
The LNG terminal at the port city of Mombasa will have two
storage tanks, each holding some 35,000 tonnes of gas, the
energy ministry’s permanent secretary, Patrick Nyoike, told
Reuters on the sidelines of an energy conference.
NAIROBI, Oct 4 (Reuters) – Kenya plans to float a tender by
early next year to build a liquefied natural gas terminal at its
Mombasa port city as it pushes to diversify its sources of
electricity to meet rising demand, a senior energy official said
Chronic power blackouts and higher electricity bills in
Kenya are fuelling discontent as they push up living costs and
cast doubts on the government’s ability to fully implement its
long-term economic vision.
NAIROBI (Reuters) – Wangari Maathai, the first African woman to win the Nobel Peace Prize for her campaigns to save Kenyan forests, died in hospital on Sunday after a long struggle with ovarian cancer.
Maathai, 71, founded the Green Belt Movement in 1977 to plant trees to prevent environmental and social conditions deteriorating and hurting poor people, especially women, living in rural Kenya.
NAIROBI (Reuters) – Kenyan Nobel Peace Prize winner and environmentalist Wangari Maathai has died in hospital where she was undergoing treatment for cancer, her organization the Green Belt Movement said on Monday.
Maathai, who won the 2004 Nobel Prize, was the founder of Green Belt Movement, a civil and women rights activist and also served as a Member of Parliament.
NAIROBI, Sept 7 (Reuters) – Kosmos Energy , which
plans to list in Ghana to raise some $50 million for development
in the West African country, is on track to join the bourse by
the end of the year, Ghana’s capital markets regulator said on
Kosmos, backed by private equity firms Blackstone Group
and Warburg Pincus , has a 23.49 percent stake in
the Jubilee offshore oilfield, operated by Tullow Oil
and holding as much as 2 billion barrels of light crude.
NAIROBI, Sept 5 (Reuters) – The Kenyan shilling eased
against the dollar on Monday on the back of increased investor
risk aversion to emerging market assets, while interbank rates
continued to fall.
Central bank data published on Monday showed weighted
average interbank rates fell by half last week to 14.1 percent
on Friday after the bank changed the formula it uses to
calculate its discount window rate to see off a severe liquidity