Kenya's central bank has reduced its benchmark interest rate to 11.25% from 12%, exceeding economists' expectations of a 50 basis point cut. This marks the third consecutive reduction, driven by muted inflation, as the bank aims to support the East African economy.
Kenya plans to implement a 1% levy on entry fees to parks, reserves, and conservancies to support wildlife conservation efforts. The funds will be allocated to a Wildlife Conservation Trust Fund aimed at managing and restoring protected areas and safeguarding endangered species.
Roam is expanding its electric motorcycle charging network in Nairobi with 10 new solar-powered hubs, supported by ENERGICA. This initiative aims to accelerate the transition to electric motorcycles, potentially reducing fossil fuel imports and generating additional revenue for Kenya's utility company. The Roam Air motorcycle recently completed a historic 6,000-kilometer solar-powered journey from Nairobi to Stellenbosch, showcasing the viability of clean energy for long-distance travel in Africa.
Kenya’s Supreme Court upheld key tax measures from the 2023 budget, providing relief to President William Ruto’s administration amid financial challenges. The Finance Act 2023 included a rise in value-added tax on fuel to 16% and an increase in the top salary-tax band from 30% to 35%, aiming to generate 214 billion shillings ($1.66 billion) for the fiscal year ending in June.
Kenya Power and Lighting Co. reported a record profit, driven by a 21% appreciation of the local currency, which reduced its foreign debt burden. This resulted in unrealized foreign-exchange gains of 7.88 billion shillings ($61 million) for the year ending June 30, propelling the stock to a record high.
Kenyan Central Bank Governor Kamau Thugge affirmed that the shilling is currently at appropriate levels, following its impressive 21% gain against the US dollar this year, making it the top-performing global currency. The bank is ready to utilize record foreign reserves to defend the currency, which now trades at 129 per dollar.
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