Nabii Economy: Even Diaspora Remittance Is Falling

[Mangele]

Kenyan shilling edges lower on insufficient tea, diaspora FX inflows

Reuters

October 13, 20234:57 AM CDT

NAIROBI, Oct 13 (Reuters) -

The Kenyan shilling edged lower against the dollar on Friday, as foreign-currency inflows from the tea sector and the diaspora were insufficient to meet the importers’ foreign exchange demand, traders said.

At 0945 GMT, commercial banks quoted the shilling at 148.95/149.15 per U.S. dollar, compared with Thursday’s closing rate of 148.85/149.05.

“The tea sector and diaspora inflows came through yesterday but were not enough to cool the foreign currency demand from importers,” one trader said.

The shilling touched a new all-time low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.

Reporting by Hereward Holland

[Mikymas]

@Mangele

…8.85/149.05.
“The tea sector and diaspora inflows came through yesterday but were not enough to cool the foreign currency demand from importers,” one trader said.
The shilling touched a new all-time low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.
Reporting by Hereward Holland

They started taxing the flower industry nayo NEMA ikaingilia na kiherehere kama ya lastborns watu wakapunguza output. Kenya’s greatest untapped potential

[Mangele]

Motorists in 10 towns across the country will spend more than Ksh220 per litre of Super Petrol beginning October 15 to November 14.

This is after the Energy and Petroleum Regulatory Authority (EPRA) revised October pump prices, which saw Super Petrol, Diesel and kerosene increase by Ksh5.72, Ksh4.48 and Ksh2.45, respectively.

Following the increase, Mandera will be the most affected town, with Super Petrol set to be sold at Ksh231.36. This is the only town in the country where petrol has hit the Ksh230 mark.

Diesel and Kerosene in Mandera will retail at Ksh219.47 and Ksh219.06, respectively.

In Meru, motorists will fork out Ksh220.69 for a litre of petrol. Kerosene prices were put at Ksh208.79 as Diesel retails at Ksh208.37.

Similarly, Maua Town residents in Meru County will spend Ksh221.17 on Super Petrol and Ksh209.28 on Diesel. Kersone will go for Ksh208.86.

In the neighbouring Isiolo County, a litre of Super Petrol will go for Ksh220.53 as Diesel goes for Ksh208.64. Kerosene in Isolo will be sold at Ksh208.22 for the next 30 days.

Other towns where Super Petrol has hit the Ksh220 mark include Moyale (Ksh227.49), Elwak in Mandera County(Ksh228.7), Wajir (Ksh227.49) and Eldas (Ksh229.22).

Super Petrol in Marsabit and Lowdar in Turkana county will retail at Ksh225.8 and Marsabit Ksh225.8, respectively.

The price of petrol in the 10 towns is close to Ksh5 shillings more than the price in Nairobi, which is set at Ksh217.36.

Prices in 10 counties vary from the set standard of Ksh217 for several reasons, including transport logistics involved in supplying the fuel to the areas. Notably, most of the counties in the list are from Northern Kenya.

On the other hand, the increase in the October pump prices has been attributed to the increase in lending costs and the dominance of the dollar against the shilling. Fuel products are imported in dollars.

"In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilize pump prices for the October-November 2023 pricing cycle.

“Oil Marketing Companies (OMCs) will be compensated for the under recovery of costs from the Petroleum Development Levy (PDL) in line with the PDL, Order of 2020,” EPRA explained.

[cheekbusta]

@Mikymas

… said.
The shilling touched a new all-time low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.
Reporting by Hereward Holland

They started taxing the flower industry nayo NEMA ikaingilia na kiherehere kama ya lastborns watu wakapunguza output. Kenya’s greatest untapped potential

All of this supported by idiots like you.

[Mangele]

File footage: When President Ruto slammed Uhuru govt for raising fuel prices

Ruto’s Broken Promise | President Ruto used the cost of fuel as a campaign tool in 2022

DP Ruto blames government for fuel crisis and high cost of living

[Mikymas]

@cheekbusta

… low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.
Reporting by Hereward Holland
They started taxing the flower industry nayo NEMA ikaingilia na kiherehere kama ya lastborns watu wakapunguza output. Kenya’s greatest untapped potential

All of this supported by idiots like you.

Agencies wako na mioto ya lastborn. Most agency leaders worked with Gathesha to frustrate Ruto. They know Ruto is still examining the records and they’re trying to prove their innocence. They will go back to default settings wakichoka kuficha white

[blaze1]

@Mikymas

… NEMA ikaingilia na kiherehere kama ya lastborns watu wakapunguza output. Kenya’s greatest untapped potential
All of this supported by idiots like you.

Agencies wako na mioto ya lastborn. Most agency leaders worked with Gathesha to frustrate Ruto. They know Ruto is still examining the records and they’re trying to prove their innocence. They will go back to default settings wakichoka kuficha white

Hauchokangi kulamba mwanaume mwenzako? Sio lazima umtetee kila wakati

[Yuletapeli]

@blaze1

…ut. Kenya’s greatest untapped potential
All of this supported by idiots like you.
Agencies wako na mioto ya lastborn. Most agency leaders worked with Gathesha to frustrate Ruto. They know Ruto is still examining the records and they’re trying to prove their innocence. They will go back to default settings wakichoka kuficha white

Hauchokangi kulamba mwanaume mwenzako? Sio lazima umtetee kila wakati

Ako stage ya denial…give him time reality itamshughulikia

[Josto_Bwaku]

@Mikymas

… NEMA ikaingilia na kiherehere kama ya lastborns watu wakapunguza output. Kenya’s greatest untapped potential
All of this supported by idiots like you.

Agencies wako na mioto ya lastborn. Most agency leaders worked with Gathesha to frustrate Ruto. They know Ruto is still examining the records and they’re trying to prove their innocence. They will go back to default settings wakichoka kuficha white

Cock sucker.

[Straw_man]

It seems we are now not in any doubt that this arsehole we elected has no clue what he is doing. Keñya has become a laughing stock in one year.

[MTINGIZA_KITANDA]

Na bado…paka mate kwa rasa coz it might be more painful later

[Josto_Bwaku]

It’s about time you came out of the closet fag.

[Mangele]

Dollar ni 150... on track to 200 by dec

Weak shilling hands CBK Sh131bn unrealised forex gain MONDAY OCTOBER 16 2023 The Central Bank of Kenya (CBK) doubled the unrealised exchange gains on its dollar reserves to Sh131.5 billion in the year to June 2023 from Sh68.6 billion a year earlier on the back of a significant weakening of the shilling against the US currency in the period. The jump in the value of forex holdings at the monetary regulator helped raise its net surplus for the year to Sh150.5 billion from Sh76.9 billion in the y…

[osmosis]

Amateurish administration without a clue

Kenya is rudderless

[Mangele]

October 23, 2023 at 7:41 AM CDT

Updated on

October 23, 2023 at 8:18 AM CDT

Save

Kenya’s shilling last eked out a monthly gain in May 2021 — and it’s unlikely to do so again soon, according to Bloomberg Economics.

The currency of eastern Africa’s second-largest economy is on track for its 29th consecutive month of declines as capital inflows dry up. It has depreciated 18% this year, set for its biggest annual drop since 2008.

“The shilling depreciation reflects the impact of the global funding squeeze that is manifesting as a slowdown in foreign capital inflows,” said Yvonne Mhango, Africa Economist at Bloomberg Economics. “We could see the shilling at 155 at year-end” from a near-record-low 150.1 per dollar on Monday, she said.

The increase in the oil price in the third quarter is likely to widen the country’s current-account deficit, placing more pressure on the shilling, even though the government has secured concessional funding to to help plug the gap, she said.

The shilling’s steady decline over the past two years could also be seen as a correction from overvalued levels, said Charlie Robertson, head of macro strategy at Dubai-based Frontier Investment Management Partners Ltd. It could reach 159 per dollar by year-end, he said.

The shilling was more than 20% overvalued when it began depreciating and the Central Bank of Kenya “chose to address this very slowly to make the FX adjustment predictable,” Robertson said.

[Mangele]

Which Eastern African Economy Is Larger Than Kenya?..

1. Prime Minister Abiy Ahmed on Tuesday alleged that Ethiopia has managed to become the largest economy in the East Africa region and the third giant in sub-Saharan Africa.

Abiy painted the rosy picture of his country’s economy in remarks while addressing the House of Peoples Representatives.

He said that Ethiopia’s macro economy has been resilient and continued to register growth amid various bottlenecks resulting from man-made and natural challenges including the bloody conflict in the Tigray region, the Ukraine-Russia crisis, the COVID-19 pandemic and drought.

The premier prided the alleged achievement further saying that the economic growth trajectory has impressed even global economists.

2. Liberalized and strong economy in the region

Kenya is the largest and the most advanced economy in East and Central Africa; with strong growth prospects supported by an emerging, urban middle class and an increasing appetite for high-value goods and services.

STRONG AND LARGE REGIONAL PLAYER

Kenya has the second largest population within the EAC at 43 million and is growing at a rate of 2.7 per cent per annum. There is a rising trend towards urbanization, which is contributing to an increase in consumer demand for high value goods. This trend is fore casted to continue, with 50 per cent of the population expected to live in urban areas by 2050.

The size of Kenya’s middle class is growing as evidenced by the growth in its gross national income per capita, which has increased at a CAGR of 2 per cent over the past 10 years.

World Bank Projects Kenya, The Second Largest Eastern African economy Among the Fastest-Growing Economies in Africa

• by MAUREEN NJERI on Wednesday, 25 October 2023

World Bank has ranked Kenya among the fastest-growing economies in Africa in 2023.

The Bretton Woods Institution in its Africa Pulse report published in October, highlighted that Kenya’s economy is currently anchored on strong footing despite experiencing some challenges.

“In Kenya, growth remains resilient this year despite political tensions that were partly due to the higher cost of living,” read part of the report.

According to the study, Kenya’s economic activity is projected to rise to 5 percent in 2023, a slight increase from 4.8 percent in 2022.

Nonetheless, the report indicated a notable 7 percent decline in the value of the Kenyan shilling, leading to increased earnings in key agricultural exports such as tea, flowers, vegetables, and fruits.

The currency of eastern Africa’s second-largest economy is on track for its 29th consecutive month of declines as capital inflows dry up. It has depreciated 18% this year, set for its biggest annual drop since 2008.

Additionally, several other African countries are on a positive economic trajectory, including Côte d’Ivoire, Senegal, Niger, and Rwanda.

[Aka_mpole]

@Mangele

…8.85/149.05.
“The tea sector and diaspora inflows came through yesterday but were not enough to cool the foreign currency demand from importers,” one trader said.
The shilling touched a new all-time low of 149.15/35 earlier in Friday’s session morning to a new record low. It has fallen more than 17% against the dollar since the start of the year, according to LSEG data.
Reporting by Hereward Holland

Not falling. Ni vile Diasporians like @applebee100 are getting the shilling cheaply.

If say he used to send Kes 50k per month to Kenya, 5 years ago he would be spending $500. Now he only needs like $350 for the same amount of money.

[Old_Monk]

We subsidise production ndio bei iende chini

[applebee100]

@Aka_mpole

are getting the shilling cheaply.

If say he used to send Kes 50k per month to Kenya, 5 years ago he would be spending $500. Now he only needs like $350 for the same amount of money.

Correction, $333.

[Ngimanene-Na-matharo]

@Mangele

1. Prime Minister Abiy Ahmed on Tuesday alleged that Ethiopia has managed to become the largest economy in the East Africa region and the third giant in sub-Saharan Africa.

Abiy painted the rosy picture of his country’s economy in remarks while addressing the House of Peoples Representatives.

Have you been to Ethiopia? They’re are literally no fuackin dollars in that country!!!