Connect with us

Economy

2000+ Pastoralists Missed out on New Currency Swap as they Grazed in Witu and Boni Forests

News Team

Published

on

Over 2000 pastoralists did not exchange their Sh 1,000 notes as they had traveled to remote areas in search for pasture for their animals.

Some herders who just returned home last weekend are trying to seek help from the Central Bank by appealing for a short window for them to swap the old notes for the new currency. The pastoralist claims that they were unable to beat the 30th September deadline as they were grazing in the highly remote areas of Witu and Boni in Lamu.

After returning home last weekend, the herdsmen claim they found the sh1000 notes in their possession were almost useless when they reached trading centers over the weekend to make purchases. According to them, retailers took extreme advantage of them trying to unfairly trade the cows with less money so that the herdsmen could acquire possession of the new currency. To add on this, the herders claimed that the same unfair traders were going into the wilderness to trade for the cows with other herdsmen still in the dark with whatever is going on.

The herders claim that about 2000 pastoralists are still in the wilderness grazing their livestock and in darkness of the changes which had been going on in the urban areas. The herdsmen explained that they had left home earlier in February and had absolutely no way of communicating with other people to know what was on going.

The herdsmen are now appealing to the governor of the CBK Patrick Njoroge to open up a small window of opportunity for them to make a swap. The herdsmen explained that they are organized into different groups in different areas but that they have leaders who can clarify on who belongs where for transparency in the dealing to save them from the losses they are currently incurring.

Comment using Facebook

Kenya's most incisive and informative platform to learn about business news, technology, markets, companies, startups, leadership advise, curated business and industry opinion, and affluent lifestyles.

Economy

Kenya Risks FATF Sanctions on Cash Handling Rules

News Team

Published

on

Kenya’s reputation is on the line as the country risks being considered a money laundering hub. This is a result of the parliament’s failure to amend the crime and Anti-money laundering Act.

The proposal was aimed to ensure addition of notaries, lawyers and other independent legal professions as members of reporting entities who by law are required and expected to be controlled by Anti-money laundering act.

Issues covered under the Anti-money laundering laws and regulations are inclusive of; regulatory, criminal enforcement, enforcements by administrations, financial institution requirements and other designated businesses in 31 jurisdictions.

Financial Reporting Centre (FRC) boss, Saitoti Maika, issued a warning on Tuesday saying that Kenya stands the risk of being cited for its own non-compliance resulting to sanctions by the Financial Action Task Force (FATF).

FATF is an inter-governmental body which is solely responsible for the setting of standards which are aimed at ensuring the effective implementation of regulatory, operational and legal measures aimed at fighting against money laundering and terrorism financing.

Mr Saitoti implied that whenever the FATF organization discovered that a country is not doing a good job at implementing the standards set aside by FATF, it has the full authority to contact the international community with the aim of having it apply the appropriate counter-measures on that country.

The FRC also added that as a country, Kenya stands the risk to be singled out as a jurisdiction of high risk and to top it off, a country which safely harbors money laundering. According to him, this would have adverse effects on the markets’ financial sector reputation.

Comment using Facebook

Continue Reading

Economy

Kenya’s Inflation Drops To 3.83% As Economic Growth Slows To 5.6% In Q2 2019

News Team

Published

on

Kenya’s overall year-on-year inflation fell to 3.83% in September, from 5.0% in August, the Kenya National Bureau of Statistics (KNBS) has disclosed.

However, the country’s economy grew by 5.6% in the second quarter of this year, down from expanding 6.4% in the same period a year earlier, the statistics office said on Monday.

In a report emailed from Nairobi on Monday, the national statistics body noted that while a number of sectors posted impressive performances, the overall growth was curtailed mostly by a slowdown in activities of agriculture, manufacturing and transportation.

“Agriculture’s performance, as well as that of electricity and water supply, was mostly hampered by a delay in the onset of the long rains. The transportation industry was negatively impacted on by rise in prices of fuel,”

“On the other hand, accommodation and food services; information and communication; wholesale and retail trade; and construction industries maintained high growths and thereby supported the overall gross domestic product (GDP) growth,” the KNBS said.

According to the statistics bureau, between August and September 2019, food and non-alcoholic drinks index decreased by 0.40 percent due to a drop-in price of some foodstuffs outweighing increases recorded in others.

  “The ‘year on year’ food inflation dropped from 7.13 percent in August 2019 to 6.31 per cent in September 2019,” it said.

In September 2019, prices of carrots, cabbages and tomatoes decreased by 9.80, 6.32 and 4.14 percent, respectively.

The price of sugar registered a 24 per cent drop with a kilogram retailing at Sh106 last month from Sh140 last year. Irish potatoes, kales and onions similarly recorded significant drops in prices with a kilogram of each going down by 15, 18 and eight per cent respectively compared to retail prices recorded over a similar period last year. The Standard newspaper reported on Tuesday.

  Zachary Mwangi, KNBS director general observed that the agricultural sector is estimated to have grown by 4.1 percent compared to 6.5 percent in a similar period last year.

“The slowed growth was mainly attributed to delayed long rains that somewhat curtailed agricultural production. However, performance of the sector was supported by a 17.6 percent increase in the volume of cut flowers from 35,800 metric tons in the second quarter of 2018 to 42,100 metric tons in the review period,” Mwangi said.

Comment using Facebook

Continue Reading

Trending

Copyright © 2019 INVERSK MAGAZINE. Developed by ITIPS