Browsing: CBK (Central Bank of Kenya)

• Kenya’s diaspora remittances in October increased by $18.7 million compared a month earlier.
• CBK in its weekly dispatch announced that the cumulative inflows for the 12 months to October 2024 increased by 15.3%.
• Despite the dollar inflows from diaspora remittances, Kenya’s currency weakened marginally against the USD in the week ending Nov 15.

Kenya’s diaspora remittances increased by $18.7 million (KSh2.4 billion) between September and October 2024, the latest data from the Central Bank shows. Kenyans living and working abroad wire home $437.2 million (KSh56.7 billion) in October, a significant increase from the $418.5 million (KSh54.4 billion) reported the previous month.

Compared to a similar period last year this was an increase of 22.9 per cent when the foreign remittance stood at Ksh46 billion ($355.6 million).

The Central Bank of Kenya (CBK) in its weekly bulletin published on Friday, November 15, announced that the cumulative inflows for the 12 months …

• Kenya adopts global messaging standard  ISO20022, which is the latest international open system for sealing financial deals.
• In the 12 months to August 2024, the country processed a total of over 5.3 million transactions valued at over Sh45 trillion for local currency transactions.
• The new standard’s rich data formats will aid in checking fraud thereby curtailing illicit transactions.

The Central Bank of Kenya (CBK) has announced a transition of the Kenya Electronic Payment and Settlement System (KEPSS) to the internationally recognized Global Messaging Standard (ISO 20022 Standard). The new system is the latest international open standard for financial messaging that is being adopted globally.

Last month, the banking industry regulator directed lenders, including microfinance institutions to start testing of the upgraded system for messaging high-value financial transactions aimed at increasing the speed of transfers while heightening the checks against fraud.

“KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is …

• Kenyan Shilling to Reach Sh138 this month as effects of global rates and heavy rains come alive
• Additionally, the minor decline in the foreign exchange reserves between April and May signals interventions in the forex market by the CBK.
• The CBK is expected to leave rates unchanged at 13 per cent at its June meeting to support these dollar inflows and provide positive yields to investors.

Financial experts are now predicting that the Kenyan shilling will depreciate to Sh138 against the US dollar by the end of June 2024.

The analysist from pan African market insights firm Stears, say that the Kenyan shilling witnessed large swings in May, after appreciating 2.09 per cent between May 2 and 16. This saw the local currency resume a consistent depreciation to close the month at Sh133.37 against the dollar.

Stears notes that although the currency remained relatively unchanged compared to April, on average, …