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CMA’s second quarter domestic performance

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The Capital Markets Soundness report for the second quarter of 2019 shows that Kenya’s economy expanded by 5.6 percent in the first three months of 2019 compared to a 6.5 percent growth in a similar period in 2018. The slow growth was attributed to a deceleration in agricultural activities following a delay in the onset of long rains.

The manufacturing sector grew by 3.2 percent over the period, compared to a growth of 3.8 percent in 2018. Kenya National Bureau of Statistics (KNBS) reported a marginal rise in inflation to 5.7% in June from 5.49% in May attributed to higher fuel prices that increased transport costs.

The Kenya shilling has been relatively stable against the dollar averaging KSh102 during the quarter. CBK left its benchmark interest rate (CBR) unchanged at 9% with bank lending rate standing at 12.51%.

Kenya’s trade deficit was sh101.6 billion in April 2019. Exports
grew by 0.5% fueled by higher sales of chemicals (6.4%), fish (54.9%), and
petroleum (87%) and offset by declining sales of vegetables (-0.2%), tea
(-12.2%), coffee (-13.4%), and cement (-83.5%). On the other hand, imports increased
0.2% to sh150.4 billion, boosted by food and live animals (9.3%), mineral fuels
(18.2%), crude materials (38%), and beverages and tobacco (18.3%).

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During the quarter, regulator Central Bank of Kenya (CBK)
and CMA approved the takeover agreement between KCB group and the National Bank
of Kenya (NBK). KCB offered to acquire NBK in a share swap where NBK investors
will gain one share in KCB group for every ten shares they hold in NBK.

During the period, M-Akiba recorded a 75% subscription level
raising sh187.5 million against the target of sh250 million running from May 27
to June 7 2019.

The Kenyan Government unveiled new generation banknotes as part of measures to curb fraud and money laundering. According to the third Medium Term Plan, Kenya’s population is projected to increase to 50.8 million by 2022 from 45.9 million in 2017.

Related:

Listed Companies Score Highly on Corporate Governance – CMA

CMA’s Second quarter regional performance

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Treasury Releases Funds to Counties Showing Acceptable Plans to Clear Pending Bills

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A statement from the National Treasury shows that 18 counties that showed acceptable plans to clear pending bills received reimbursements for November.

Acting Treasury CS, Ukur Yattani, says that the 18 counties received Ksh. 11 billion.

The counties include; Baringo, Bomet, Embu, Garissa, Isiolo, Kiambu, Kirinyaga, Kitui, Machakos, Meru, Migori, Mombasa, Nandi, Narok, Taita Taveta, Tana, Tharaka Nithi, Vihiga.

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A further Ksh.7 billion was disbursed to 12 counties that had cleared their pending bills. These include; Elgeyo Marakwet, Homabay, Kajiado, Kericho, Kilifi, Kwale, Laikipia, Makueni, Nyamira, Nyandarua, Nyeri, Uasin Gishu.

Related; Treasury to Withhold Funds for 15 Counties

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Kenyan to Steer Dalberg as Global Managing Partner

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Dalberg Advisors has announced the appointment of Edwin Macharia as Global Managing Partner for a 3-year term. Edwin term commences on 1 January 2020 and succeeds Yana Kakar who had been at the helm since 2013.

Prior to his appointment, Edwin has been with Dalberg for 11 years serving various roles. For instance, he founded Dalberg’s first office in East Africa in 2008, established Agriculture and Food Security Practice, and serves two terms as the Regional Director for Africa.

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“Edwin has spearheaded a lot of innovation into the new business lines within the Group. That will serve him well as he steps forward to lead Dalberg’s biggest and longest-standing business” noted Henrik Skovby, Dalberg’s Founder. 

Dalberg Advisors is a global consulting firm specializing in inclusive and sustainable business, policy, and investment strategy. Moreover, the firm combines strategy consulting, design thinking, big data analytics, and research to address complex social and environmental challenges.

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Kericho feted for clean audit : The Standard

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Kericho County Assembly Speaker Dominic Rono (left) receives a certificate from the Chief Executive Officer, Public Sector Accounting Standards Board (PSASB) Fredrick Riaga (Right) and Board Member Lazarus Kimanga at the Kericho County Assembly.

The Public Sector Accounting Standards Board (PSASB) has feted Kericho County Assembly for emerging best in the county assemblies’ category during the Financial Reporting (FiRe) Awards held last month.

PSASB Chief Executive Officer Fredrick Riaga, who spoke in Kericho this week, rooted for systems that guarantee sound financial reporting.
He urged other devolved units to follow suit. “Kericho County got a clean audit report on their 2018/2019 financial statement from the Office of the Auditor General.
Similarly, upon evaluation for the Financial Reporting Award by our team of experts the assembly also topped in its category,” he said.
“This is a clear indication of the value of effective financial reporting in promoting devolution in the larger public finance management reforms.”
Kericho County Assembly Speaker Dominic Rono said other counties were keen to know how the clean audit status was achieved.


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Public Sector Accounting Standards BoardKericho County AssemblyFinancial Reporting Awards

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