Kenya
Central Bank of Kenya is ‘under attack’ – Njoroge
Kenyan governor says new regulator will threaten independence and mandate of central bank
Kenya’s Chase Bank finally acquired
After two years in receivership, Mauritius’s SBM acquired 75% of deposits with the remaining 25% remaining with Chase Bank
Kenyan central bank condemns interest rate cap legislation
Rules introduced in 2016 have restricted access to credit for small firms and impaired the central bank’s ability to conduct monetary policy
IMF advises rollback of Kenyan interest rate caps
Latest review finds caps have undermined the effectiveness of monetary policy and restricted credit access; Kenyan authorities ask for six-month programme extension
IMF official backtracks on Kenya funding comments
Mikkelsen says Kenya has continued to have access to IMF resources “subject to policy understandings”
Three men arrested for fraud at Kenya’s central bank
Men charged with 11 counts of fraud attempted to present $6.25 million in counterfeit Treasury bills
Kenya not yet ready for more accommodative policy – Njoroge
Central Bank of Kenya leaves rates on hold despite well-anchored inflation and greater optimism; policymakers will continue to monitor interest rate cap impact
Central Bank of Kenya to challenge banknote tender nullification
Central bank to challenge ruling which revokes De La Rue’s tender win following claims of favouritism
Patrick Njoroge on reshaping banking and finance to work for the masses
The Central Bank of Kenya governor speaks to Christopher Jeffery and Rachael King about exchange rate intervention, food prices, banking reform and financial inclusion
People: Deputies appointed in Hong Kong and Oman
HKMA picks deputy chief executive and new director; Oman appoints vice-president; Central Bank of Kenya has new comms chief
Investors should not be concerned about revote – Kenya’s Njoroge
Central Bank of Kenya governor is confident whoever wins presidential revote will pursue market-based policies
Kenya’s central bank issues new cyber security guidelines
Banks will have to report breaches within 24 hours with senior management taking on a greater role
Debate over Kenya’s growth potential continues – Njoroge
Private sector sees macroeconomic stability and infrastructure funding aiding growth in the long term, while banks are concerned about elections and a decrease in credit growth
Kenya’s Imperial Bank given 90-day lifeline
High court extends commercial bank’s receivership to allow shareholders and receiver to reach agreement; Kenya’s central bank takes first step toward removing licensing moratorium
Website of the year: Central Bank of Kenya
The East African central bank has embraced responsive design to cater for an increasingly mobile audience, eclipsing the websites of many peers
Kenya’s monetary policy framework under threat – IMF
New interest rate caps are “constraining” the central bank’s ability to conduct monetary policy while negatively affecting banks’ profitability, but action plan could see them eliminated
Central Bank of Kenya halts reference rate calculation
Rate made redundant by interest cap, Njoroge explains, as banks prepare for the new arrangement; central bank maintains interest rates at 10%
East Africa inches closer to monetary union
Progress report indicates some reform but many remaining issues; IMF officials flag problem areas and offer advice on shape of financial stability authorities
Central Bank of Kenya cuts rates despite new credit legislation
Commercial banks to amend lending rates again following a cut in interest rates; bank launches 50th birthday initiatives including new website
IMF official criticises interest rate caps in speech honouring Kenyan central bank
Interest rate ceilings can interfere with central bank independence and restrict credit access, IMF deputy managing director tells Kenyan officials
Kenyan parliament amends central bank’s regulation powers
Bill requires central bank to take decisions to place commercial banks into receivership “in consultation” with a senior bureaucrat at the country’s finance ministry
Capping interest rates could affect credit, says Kenyan president
Kenyan President approves new banking law despite acknowledging future “difficulties”; government to monitor possible emergence of “unregulated” and “informal” lending mechanisms
De La Rue boosts Africa presence with Kenya deal
Kenyan factory to be turned into production “centre for excellence”; printer hopes new equipment installed at site will increase banknote production by 50%
Kenyan governor outlines three pillars for ‘new normal’ in banking
2016 to be a year of “transition” for banking in Kenya, says Patrick Njoroge; calls for greater transparency, stronger governance and new models