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Stock Market / Finance in Kenya

  • Kenya's overall inflation rate rises by 8 pct in August

    KENYA, 2017/09/05 Kenya's in general inflation rate increased to 8.04 % in August from last month's 7.47 % due to increases in food items, the statistics bureau said on Thursday. Kenya National Bureau of Statistics (KNBS) said that the Consumer Price Index (CPI) computed using the geometric mean approach increased by 0.61 % from 183.60 % in July to 184.72 in August. "Between July and August, Food and Non-Alcoholic drinks index increased by 1.04 % due to notable rise in the cost of some food items," KNBS Director General Zachary Mwangi said in a statement issued in Nairobi.
  • Kenya endorses World Bank chief

    KENYA, 2016/09/05 Kenyan President Uhuru Kenyatta yesterday nominated and endorsed Jim Yong Kim to serve a second term as president of the World Bank Group. In a statement, President Kenyatta said his action was in response to an announcement from the World Bank Group in Washington DC that the bank was inviting member nations to nominate a candidate for the position of the World Bank Group President. “In a short period of time, Kim has made a huge contribution to reduce poverty and has given hope to millions of people around the globe living below the poverty line,” Kenyatta said in the statement.
  • Kenya's president signs bill capping interest rates

    KENYA, 2016/08/27 A bill capping bank interest rates in Kenya was recently signed into law to regulate applicable rates to bank loans and deposits. President Uhuru Kenyatta signed into law the bill capping bank interest rates at 4 % above the Central Bank Benchmark Rate, currently at 10.5 %. We as the banking industry remain committed to addressing the fundamental issues that drive up the cost of credit The new law presently paves way for Kenyans who had been kept away from borrowing due to high lending rates.
  • Is Kenya’s Tax Policy Optimal?

    KENYA, 2015/12/16 Last week a slate of new taxes were effected increasing the prices of goods such as bottled water, cars, beers and cigarettes. Although these items can be viewed as luxury items rather than essential commodities, the tax hike calls Kenya’s tax policy into question. The government has made it clear that it seeks to expand its tax base and rope in additional individuals and businesses into the tax net inclunding introduce new taxes to strengthen revenue generation. However, does the current tax policy contribute to or detract from revenue generation inclunding economic increase? On one hand are those of the view that current tax policies are subpar for several reasons. Firstly, some analysts argue that of the 2.4 million people who are formally employed, only 1.4 million (inclunding corporations) are taxed. This is significant because, according to the Institute of Economic Affairs (IEA), of the total tax revenue collected by the government over the last decade, the major contributors are gain tax, about 40% followed by VAT at 28%. Secondly, even of those taxed, the limited reach of the taxman, and laxity and corruption therein, facilitate tax evasion. For example, a lot of businesses particularly in the informal sector are not taxed; this should be rectified. Thus those in this camp are of the view that KRA can do additional to expand the tax base, curtail tax evasion and collect additional revenue.
  • Kenya is the easiest place to set up an untraceable shell company

    KENYA, 2013/09/15 Kenya is the easiest place to set up an untraceable shell company, with implications for money laundering and tax evasion Kenya tops a inventory of nations for relieve of setting up untraceable shell companies - entities which serve as a vehicle for business transactions, without active operations or meaningful assets, according to an academic study. While those corporations have legitimate uses, at the same time as set up anonymously they can serve as vehicles for money laundering and tax evasion.
  • Secretary to the Cabinet Francis Kimemia

    KENYA, 2013/08/25 Kenya will have a new look currency in the next two years. The Secretary to the Cabinet Francis Kimemia says the new look currency will be a reflection of the dominant Kenyan physical features such as the flora and fauna, key economic activities such as agriculture tourism and manufacturing. Kenyan currency for a long time has borne the portrait of our presidents as a means to perhaps preserve its history. The 2010 constitution, Article 231(4) states that notes and coins issued by the CBK may bear images that depict or symbolize an aspect of Kenya but shall not bear any individual’s portrait.
  • The Kenyan shilling

    KENYA, 2013/03/10 The Kenyan shilling surged almost 1 % against the dollar on Thursday as investors took comfort from official guarantees that Monday’s presidential election would deliver a credible result despite long delays. Traders had said commercial banks were lowering long dollar positions next the reassurances from the electoral commission.
  • Former finance minister Uhuru Kenyatta

    KENYA, 2013/01/15 THE Kenya Revenue Authority has reintroduced the filing and submission of tax returns by amount salaried employees two years next former finance minister Uhuru Kenyatta exempted employees form the tedious paperwork and left the task to employers. The announcement by KRA commissioner general John Njiraini comes as a disappointment to most salaried Kenyans who had been spared the annual ritual. The exemption, made by Uhuru in his budget speech, allowed employees who have no additional source of gain to avoid filing the returns.