Current Account in Kenya
Kenya - Current Account
Recent data signals that the economy remains on course for a solid third quarter following the second quarter’s likely stronger performance. Business conditions improved in August as reflected by the latest PMI reading, which climbed further above the critical threshold separating expansion from contraction in private-sector activity. Economic growth has been buoyed by rising confidence following the end of a protracted election cycle, along with buoyant exports and rising remittances. On 30 August, Kenya’s parliament voted to maintain the long-standing interest rate cap on commercial bank lending rates. Since coming into effect in September 2016, the cap has significantly curbed private credit growth. Parliament’s decision rejected a bid by the Treasury to scrap or modify the policy, as well as defying calls from the IMF to do so, thus failing to qualifying for a new standby arrangement. The Treasury confirmed that it would allow the existing USD 1.5 billion IMF standby credit facility to expire. Removal of the balance of payments’ support is seen increasing the economy’s vulnerability to external shocks.Kenya - Current Account Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | -8.1 | -9.7 | -6.8 | -5.1 | -6.8 |
Kenya Current Account Chart
Source: Central Bank of Kenya
Kenya Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 12.57 | 0.0 % | Sep 20 |
| Exchange Rate | 100.8 | 0.05 % | Sep 20 |
| Stock Market | 0.1 | 0.0 % | Sep 20 |
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Economic News
Kenya: PMI rises in August moving further above the critical 50-point threshold
September 5, 2018
Kenya’s private sector gained speed in August, as reflected by a climb in the Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank.
Kenya: Inflation drops in August
August 31, 2018
Consumer prices rose 0.31% over the previous month in August, contrasting a 0.89% month-on-month decline in July.
Kenya: PMI falls to lowest level since January in July but remains above the critical 50-point threshold
August 3, 2018
Kenya’s private sector lost momentum in July, as reflected by a fall in the composite Purchasing Managers’ Index (PMI), produced by IHS Markit and Stanbic Bank, which dropped to 53.6, down from 55.0 in June.
Kenya: Inflation inches up to five-month high in July
July 31, 2018
Consumer prices decreased 0.89% over the previous month in July, mirroring June’s print.
Kenya: Central Bank cuts the benchmark rate by 50 basis points for the second time this year
July 30, 2018
At its recent meeting held on 30 July, the Monetary Policy Committee (MPC) of Kenya’s Central Bank cut the Central Bank Rate (CBR) to 9.00% after the rate was held at 9.50% at its last meeting in May.
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