Kenya’s Foreign Reserves Dip 22 Billion Shillings: Any Reason To Worry?

Stats from the Central Bank of Kenya have indicated that the official foreign reserves have dropped by almost 22 billion shillings, further casting a dark future in the country’s economy.

The drop in the foreign reserves also comes at a time the Kenyan shilling has been struggling to remain strong against the US Dollar, the Sterling Pound, and the Euro.

According to the Central Bank, the foreign reserves are now at 834.1 billion shillings compared to 855.9 billion shillings recorded in September this year.

During the week ending 25^th of October this year, the reserves fell by 1.2 percent to 842.7 billion shillings while for the week ending 1^st of November this year, the reserves fell further by 1.0 percent to 834.1 billion shillings.

Unit Trusts Shrink at the NSE

Unit trusts trading at the Nairobi Securities Exchange (NSE) have had a rough time as the year moves on with the majority of them falling and others remaining flat.

Most of the trusts have witnessed a dropped annual returns since January this year, an indication of the effects of the interest capping rates, dipping yields from government securities and reduction in bank deposit rates.

Top Manager At Equity Bank Group Replaced Over Sexual Harassment Claims

A top manager at Equity Bank has been replaced over sexual claims that emerged across social media platforms against him last month.

The manager, whose name has not been released by the lender, is accused of making sexual advances towards female interns at the bank who had been recruited under the Equity Leadership Program. The program offers internships in Equity branches across the country as well as scholarships in top global universities for those selected.