In June 2019, the Central Bank of Kenya (CBK) announced that it would be phasing out the current generation KES 1,000 note by 1st October 2019. On that date, it will cease to be legal tender. This is in an effort to curb illicit financial transactions, including money laundering; address … READ MORE
In September 2016, Kenya passed the Banking Amendment Act, creating interest rate controls where there were none before. It sets the maximum lending rate at no more than 4% above the Central Bank base rate; and the minimum interest rate granted on a deposit held in interest earning accounts with … READ MORE
Beginning September 1st 2018, 16% VAT was applied on petroleum products, sparking nationwide uproar. This tax on petroleum products was first proposed by the VAT Act (2013) and scheduled to kick in in September 2016. However, in 2016, it was postponed by another 2 years. Before the price increase, … READ MORE
The last few weeks have been jarring for Kenyans as we found out that we’d had yet another maize scandal, and this time we lost KES 2 billion at the National Cereals and Produce Board (NCPB) to 21 people. We also found out that we lost KES 9 billion to … READ MORE
NOTE: The Isiolo International Airport has since been completed and is operational.
We are now 25 days away from the general election, scheduled for 8th August 2017. This week, we talk about Kenya’s economy with Kwame Owino, the CEO of the Institute of Economic Affairs. Has the Jubilee Coalition … READ MORE