Kenya
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
Kenyan central bank concerned by proposed interest rate caps
The central bank warns of “adverse consequences” from a proposed cap on bank rates, including problems for monetary policy transmission; the measure is part of a bill awaiting presidential assent
Njoroge cites need to anchor expectations as Central Bank of Kenya holds
Monetary policy committee keeps policy rate at 10.5%; increase in fuel tax expected to put temporary pressure on prices, but not to push inflation outside target range
East African governors praised for balancing act
Central bank heads in region have “done extremely well”, Kaberuka says; panellists at Bank of Uganda event debate central bank mandates and role in development
Swift paper warns not to transplant Kenya’s inclusion strategy
Harvard Kennedy School lecturer explores the factors behind M-Pesa’s success in Kenya, and warns against simply copying the country’s approach to inclusion elsewhere
IMF paper explores transmission of volatility along yield curve
Working paper finds differences in transmission between countries with established inflation-targeting frameworks and those in transition
Troubled Kenyan bank to reopen under new management
Chase Bank will be managed by Kenya Commercial Bank, which may go on to acquire majority stake; questions raised over pressures on small and mid-sized banks