Latest news with #KamauThugge
TimesLIVE
3 days ago
- Business
- TimesLIVE
Kenya wants funded IMF programme, says central bank governor
Kenya wants its next International Monetary Fund (IMF) programme to be a funded one, its central bank governor said on Wednesday, ahead of an IMF visit next month to discuss a new programme request. In March Kenya and the IMF abandoned the final review of the East African nation's last support programme, and Kenya did not receive the last batch of its $3.6bn (R63.22bn) Extended Fund Facility and Extended Credit Facility, worth $800m (R14.05bn). Kenya had struggled to rein in its fiscal deficit and boost revenue collection under the programme, two of the main requirements of the IMF, after it was forced to scrap planned tax hikes because of deadly nationwide protests. The consensus among financial analysts is that Kenya needs a new loan from the IMF to anchor external debt repayments. But given its difficulties meeting IMF targets under the last programme, some had thought the country could opt for a non-funded programme next time around. "Our preference will be to have a funded programme, and that is what we have expressed to the IMF board," governor Kamau Thugge told a press conference, a day after the central bank cut its benchmark lending rate for the seventh meeting running.
Reuters
11-06-2025
- Business
- Reuters
Kenya central bank lowers 2026 growth forecast to 5.4%
NAIROBI, June 11 (Reuters) - Kenya's central bank has lowered its 2026 economic growth forecast to 5.4% from a 5.6% forecast given in April, its governor Kamau Thugge said on Wednesday. On Tuesday the Central Bank of Kenya reduced its 2025 growth forecast to 5.2% from 5.4% as it cut its benchmark lending rate (KECBIR=ECI), opens new tab for the sixth meeting in a row, saying it wanted to provide further support to the economy. The Central Bank Rate was lowered by 25 basis points (bps) to 9.75%, whereas its previous cut was by a larger 75 bps.
Bloomberg
10-06-2025
- Business
- Bloomberg
Kenya Cuts Key Rate for Sixth Time in Row to Boost Its Economy
Kenya's central bank cut its benchmark interest rate for the sixth time in a row to help shore up the economy as inflation remained benign. The monetary policy committee lowered the key rate to 9.75% from 10%, Governor Kamau Thugge said in an emailed statement on Tuesday. The median estimate of five economists in a Bloomberg survey was for a 50 basis point cut.
Zawya
03-06-2025
- Business
- Zawya
CBUAE and CBK sign MoUs to promote domestic currency usage and interlink payment and messaging systems
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and His Excellency Dr. Kamau Thugge, Governor of the Central Bank of Kenya (CBK), have signed Memoranda of Understanding (MoUs) to establish a framework supporting the use of local currencies in settling cross-border transactions and interlinking their payment and messaging systems. The signing ceremony was attended by the Assistant Governors of CBUAE and senior officials from both entities. Under the first MoU, the CBUAE and the CBK will strengthen cooperation between the United Arab Emirates and the Republic of Kenya to support the sustainable development of both financial markets. This agreement will also encourage the use of local currencies in settling cross-border commercial transactions. Under the second MoU, both parties will cooperate on payment systems by exploring opportunities of interlinking instant payment systems and national card switches, in compliance with the regulatory and supervisory frameworks. His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: 'The signing of these two MoUs reflects strong economic ties between the UAE and the Republic of Kenya. The use of local currencies in settling cross-border transactions, coupled with cooperation in linking instant payment systems, will broaden investment and commercial opportunities for both nations. This initiative paves the way for greater collaboration in the financial and banking sectors, and we look forward to working closely with our partners in Kenya to strengthen financial stability and achieve our mutual interests.' His Excellency Dr. Kamau Thugge, Governor of the CBK, said: 'The economic and cultural links between Kenya and the United Arab Emirates go back many decades. Our two peoples have always traded between themselves, and this has only strengthened in recent years. These two memoranda of understanding will help to further cement these ties, and ensure that our two countries forge ever-closer links in the financial and banking sectors in a scalable and sustainable manner. Settlement of transactions in our two respective currencies will speed up trade and lower the cost of transactions, yielding greater efficiencies in cross-border payments. Additionally, the rapid evolution of payment technology, in which Kenya has been a global leader, will also be enhanced by the interlinking of our two countries' payment systems. This cooperation will yield tangible benefits for both our citizens and investors in the two countries.'
Bloomberg
24-04-2025
- Business
- Bloomberg
Kenya Central Bank is ‘Actively Considering' Buying Gold
Kenya is considering adding gold to its reserves to diversify its foreign exchange holdings beyond the US dollar and other currencies, according to the country's central bank governor. 'We have basically a group that is looking at the feasibility of doing it and yes, that's something that we're actively considering,' Kamau Thugge said Thursday in an interview with Bloomberg TV in Washington, on the sidelines of the International Monetary Fund and World Bank Spring Meetings. 'I wouldn't want to put a time-line to it.'
