Latest news with #CentralBankofKenya
Zawya
13 hours ago
- Business
- Zawya
Kenya central bank cuts main lending rate to 9.75%
Kenya's central bank cut its benchmark lending rate to 9.75% on Tuesday from 10.00% previously, the bank's Monetary Policy Committee said. It was the sixth monetary policy meeting in a row that the Central Bank of Kenya has lowered the rate. "There was scope for a further easing of the monetary policy stance to augment the previous policy actions aimed at stimulating lending by banks to the private sector and supporting economic activity," the bank said in a statement. Economists polled by Reuters had been divided on what the central bank's decision would be. Out of seven forecasts three were for a cut, three for no change in the policy rate and one for a hike. (Reporting by George Obulutsa; Editing by Alexander Winning)
Reuters
13 hours ago
- Business
- Reuters
Kenya central bank cuts main lending rate to 9.75%
NAIROBI, June 10 (Reuters) - Kenya's central bank cut its benchmark lending rate (KECBIR=ECI), opens new tab to 9.75% on Tuesday from 10.00% previously, the bank's Monetary Policy Committee said. It was the sixth monetary policy meeting in a row that the Central Bank of Kenya has lowered the rate. "There was scope for a further easing of the monetary policy stance to augment the previous policy actions aimed at stimulating lending by banks to the private sector and supporting economic activity," the bank said in a statement. Economists polled by Reuters had been divided on what the central bank's decision would be. Out of seven forecasts three were for a cut, three for no change in the policy rate and one for a hike.
Business Recorder
06-05-2025
- Business
- Business Recorder
Bank Al Habib shuts representative office in Kenya
Bank Al Habib Limited (BAHL) is officially closing its representative office in Kenya, following formal approvals from the central banks of both Pakistan and Kenya. BAHL disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'We write to inform you that, subsequent to the State Bank of Pakistan's (SBP's) in-principle approval for the closure of Bank AL Habib Limited's representative office in Kenya, we have also received approval from Central Bank of Kenya for the closure of the aforesaid representative office,' read the statement. BAHL informed that the Central Bank of Kenya has 'now informed us to surrender the license of the representative office after completion of all compliance requirements by the bank'. 'This decision is in line with the bank's strategy, and it will not have any material impact on the overall operating and financial position of the bank,' it said. Incorporated in Pakistan on 15 October 1991 as a public limited company under repealed Companies Ordinance, 1984, BAHL is a scheduled bank principally engaged in the business of commercial banking. For the first quarter ended March 31, 2025, BAHL reported a net interest income of Rs33.71 billion, as compared to Rs37.21 billion a year ago. Basic earnings per share from continuing operations clocked in at Rs9.65 compared to Rs9.22 a year ago.
The Star
25-04-2025
- Business
- The Star
Investors scramble for Kenya's Treasury bills as yields fall
NAIROBI, April 25 (Xinhua) -- Yields on Kenya's Treasury bills have been on a rapid decline, triggering massive subscriptions in weekly auctions as investors seek to cash in before they fall to the lowest level. The Central Bank of Kenya (CBK) said in an update on Friday that the bills were oversubscribed for the fourth straight time this week. The 91-day bill attracted the most interest from investors, with bids received standing at 16 billion Kenyan shillings (123.4 million U.S. dollars) out of the 30.9 million dollars on offer. Meanwhile, the 182-day bill attracted bids worth 115.9 million dollars out of the 77.2 million dollars on offer, while the 364-day bill absorbed 88.9 million dollars out of the 77.2 million dollars on offer. The government accepted 330 million dollars from the 185.5 million dollars sought. Yields on the bills stood at 8.4 percent, 8.6 percent and 10 percent, respectively, marking declines from 8.5 percent, 8.8 percent and 10.1 percent the previous week. The rates have been on a downward trajectory, falling from a high of 15 percent in the past months. The average subscription rate for the three bills this week was 179 percent, an increase from 160.1 percent last week and the previous week's subscription stood at 224 percent. Investors' preference for the short-term papers has surged amid increased government borrowing, as it seeks to plug the budgetary deficit following the end in March of a financing program with the International Monetary Fund.
The Star
23-04-2025
- Business
- The Star
Kenyan shilling hits year-low against euro, pound
NAIROBI, April 23 (Xinhua) -- The Kenya shilling has fallen to its lowest level against the British pound and the euro in over a year, with the currency continuing to sustain losses against both, the country's central bank said on Wednesday. The Central Bank of Kenya said the shilling traded at 173 against the pound and 148 against the euro, registering respective declines of 10 percent and 13 percent over the past year. However, the shilling has maintained relative stability against the U.S. dollar, trading at an average of 129 for the last six months, which is supported by the bulk of its forex reserves in dollars. The fast decline of the shilling against the euro and pound is attributed to increased demand for the two currencies globally, which are now seen as a safe haven amid global economic uncertainty worsened by the U.S. tariff policy.
