Kenya’s forex reserves surged back to pre coronavirus levels, hitting Sh$9.26 billion (Sh981.3 billion) in the week ended Friday, June 5, fuelling shilling’s strength against the US dollar.

According to the weekly bulletin by Central Bank of Kenya (CBK), the local currency strengthened against major international and regional currencies during the week, exchanging at Sh106.12 per compared to Sh107.03 the previous week.

Regional based re-insurer Kenya-Re has projected a Ksh.1 billion revenue hit from increased claims and rebates on premiums as businesses globally seek to negotiate their contracts with underwriters and re-insurers.

According to Kenya Re Managing Director  Mr. Jadiah Mwarania, the five per cent hit will be ‘the worst case scenario’ for the corporation in the wake of anticipated business losses occasioned by the pandemic.

The National Assembly Budget and Appropriations Committee (BAC) has proposed ammendments to the 2020/21 expenditure estimates that will see a cumulative Ksh.49.6 billion rise in this year’s budget.

According to data from its vote on the estimates presented to the floor of the house on Thursday, gross spending by the national government is expected to increase by Ksh.78 billion, a figure that later shrinks by Ksh.28.4 billion after the exclusion of appropriations to the Nairobi Metropolitan Services (NMS).

Kenya is now the third-largest economy in Sub-Saharan Africa after surpassing Angola. 

African cities and countries rank lower in the 2020 global startup ecosystems’ list by Startup Blink. The global ranking of regional giants like Kenya, Nigeria, and South Africa as preferred startup destinations fell significantly. This is despite these countries maintaining their dominance within the region. READ MORE..

The Central Bank of Kenya has re-opened bids for a five-year and a 10 year Treasury Bond worth KSh 40 Billion, proceeds that will be used for budgetary support.

The bond will be sold between 4th June and 16th June 2020. Investors seeking to participate are required to invest a minimum of KSh 50,000. READ MORE..

Shareholders approved a final Ksh.2.50 dividend per ordinary share as recommended by the board at the lender’s Annual General Meeting (AGM) held on Thursday.

Due to the ongoing COVID-19 restrictions on public gatherings, KCB hosted a virtual AGM where shareholders got the opportunity to seek clarifications and ask questions regarding the company’s financial performance.

Under the draft 2020 Value Added Tax (Digital Market Supply) Regulation, downloadable digital contents, subscription based media, software programmes, electronic data management and supply of music, film and games will be taxed.

Others include search engines and automated help desk services, online tickets, e-learning platforms, audio, vision or digital media, transport hailing platforms, among others.

"A person supplying taxable services through a digital marketplace shall be required to register for VAT in Kenya," the regulation says.

The Kenya Universities and Colleges Central Placement Service data shows that the 68 public and private institutions admitted 122,831 students against available space for 145,129.

This is, however, an improvement from the previous year when the institutions were left with 55,852 unfilled places.

Of the 689,007 candidates who sat the Kenya Certificate of Secondary Education examination in 2019, 125,463 scored C+ — the minimum entry grade to university — and above.

The Education minister announced on Friday that the decision to reopen learning institutions will be made after scrutiny of Covid-19 pandemic data from the Ministry of Health.