Co-operative Bank Group has posted KSh 3.59 billion net profit in the first three months of 2020. This is compared to KSh 3.6 billion at the end of March 2019.

These financial results reflect the heavy strain commercial banks are undergoing as customers struggle to meet their loan repayment obligations due to the disruptions caused by the COVID19 pandemic. READ MORE..

Nairobi-based agri-tech startup, Apollo Agriculture, has raised a total of $6 million (KSh 642 Mn) in its Series A round of funding. READ MORE..

National Treasury has written to the Parliament seeking amendments to the 2020/21 National Budget to be read on 12th June 2020.

In a letter to the Parliamentary Budget Office, dated 18th May 2020, Hon Ukur Yatani, Cabinet Secretary National Treasury, is seeking amendments to the proposed 2020/21 budget estimates which have already been submitted to Parliament. READ MORE..

The Central Bank of Kenya(CBK) has floated a KSh 25.6 Billion Infrastructure Bond, to assist the Government finance various infrastructure projects.

Sale of this six-year infrastructure bond begun on 14th May 2020 and will end on 26th May 2020. The bond will pay an interest of 10.2% per annum. READ MORE..

Kenya’s Forex reserves got a boost following receipt of Ksh78 billion ($739 million) from the IMF drawn under the Rapid Credit Facility (RCF). The funds are meant to help Kenya meet its balance of payments needs. READ MORE..

As the COVID19 dust settles down, the real impact on SMEs in Kenya is becoming evident with massive layoffs across the board and business closure. On Friday’s #CEOChat online forum, Jeremy Awori, Absa Kenya CEO, expounded on ways that the banking sector is supporting SMEs affected by the COVID19 disruption. My Chat with a Bank CEO is a forum by Kenya Bankers Association where Bank CEOs engage social media users on topical issues.

The International Monetary Fund(IMF) has raised Kenya’s risk of debt distress to high from moderate in a recent assessment.

Kenya’s debt stood at 61.7% of GDP at the end of 2019, up from 50.2% at the end of 2015, the IMF said, driven up by gaping budget deficits. The country embarked on large infrastructure projects such as the new Standard Gauge Railway line which relied on external debt. READ MORE..

The President also banned movement in and out of the Nairobi Metropolitan Area, Kwale, Kilifi, Mombasa and Mandera counties until June 6 after the regions were designated as COVID-19 hotspots following the outbreak of the pandemic.

Uhuru who spoke during a live address to the nation from State House, Nairobi also imposed a ban on movement into and out of Kenya through Tanzania and Somali borders. The ban does not apply to the transportation of cargo.

This was meant to make basic commodities more affordable to consumers during the economic crisis precipitated by the Covid-19 pandemic.

Despite the reduction, the prices of many commodities on supermarket shelves and other retail outlets have remained the same, either because the reduced rate is too insignificant to be noticed or perhaps because the new VAT rates have not been effected.

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Minister Ukur Yatani told Reuters in an interview he was also concerned about the impact that debt relief might have on Kenya’s credit rating.

The Group of 20 major economies last month agreed to suspend payment obligations on bilateral debt owed by their least developed counterparts through the end of the year. The goal was to free up more than $20 billion that poor governments could use to buttress their health services.