FINANCE EA DAILY BUSINESS NEW SUMMARY

Deposits of foreign currency in banks hit record Sh811bn

Foreign currency deposits in local banks hit a new record-high in March as businesses held back on activity because of the high cost of production.  Fresh data by the Kenya National Bureau of Statistics (KNBS) shows that the value of foreign currencies deposited in banks stood at Sh811.08 billion in April, shattering the previous all-time high of Sh804.31 billion in February.

 

The Central Bank of Kenya(CBK) said the operations of all banks would be checked for any practices that amounted to wrongdoing toward consumers—triggering anxiety in the key economic sector….Daily Nation

High cooking gas prices persist despite tax cut

Retailers are still selling liquefied petroleum gas (LPG) at high prices even after the government last week halved value added tax (VAT) on the product.

Governors demand Sh46b from CS Ukur Yatani for last fiscal year

The Council of Governors (CoG) has accused the National Treasury of failing to disburse Sh46 billion to counties, hence affecting development projects and service delivery. CoG Finance, Planning, and Economic Affairs Committee chairman Ndiritu Muriithi said the devolved units had expected to receive the money in the last fiscal year.

“It is regrettable that the last financial year ended before counties received the money,” said Mr Muriithi. The Laikipia governor was speaking in Nanyuki town on Monday when he received 30 United Democratic Alliance politicians who defected to Azimio la Umoja…The Standard

CMA forces US fund to buy out tycoon Wanjui

The Capital Markets Authority (CMA) has forced a US-based private equity to make a takeover offer to minority owners of Limuru Tea, including tycoon Joe Wanjui, in the wake of shareholder fights at the firm.

The regulator declined to exempt private equity firm CVC Capital Partners from making a takeover offer to minority shareholders after the US fund bought a 52 per cent stake in Limuru Tea from Unilever.

This has forced the PE fund to make an offer that is expected to trigger rival bids and provide an exit route for shareholders owning the remaining stake….BusinessDaily

KCB gets Sh1.8 billion to fund cheap mortgages

KCB Group has become the eighth lender to get funds amounting to Sh1.8 billion for refinancing home loans under the state-backed plan which seeks to increase house ownership largely amongst workers earning less than Sh150,000 a month.

The Kenya Mortgage Refinancing Company (KMRC) said it has disbursed the funds to the country’s largest home loans financier by market share after several months of due diligence on mortgages to be funded.

KCB was amongst the first lenders to apply for funds from KMRC after it sought Sh2.1 billion early last year.

But other lenders like Co-op Bank and third-tier Credit Bank which applied later got funds ahead of the country’s largest home financier…BusinessDaily

UN: Over 4 million Kenyans own crypto, highest share in Africa

Kenya has the largest share of its population with cryptocurrencies in Africa, says the United Nations, pointing to the country’s exposure to the ongoing meltdown in the crypto market.

A report by United Nations Conference on Trade and Development (UNCTAD) says that 8.5 percent of the population or 4.25 million people own cryptocurrencies in the country.

This places Kenya ahead of developed economies such as the United States, which is ranked sixth with 8.3 percent of its population owning digital currencies…BusinessDaily

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