Central Bank Governor announces the following plans:
Emergency support request to Ministry of Health made to IMF of around US$ 50 million.
Emergency assistance of about $ 350 Million from IMF & another $750 Million from World Bank for budget support
Jump to the 1hr mark in the just concluded press briefing by CBK.
In summary,
1. The British Pound is on its 30 year low.
2. The IMF boss yesterday told G20 leaders that they should expect the worst recession in history.
3. The next 10 weeks are normally the best for Kenya in terms of exporting floriculture. But it will be very bad because there are no buyers.
4. Oil accounts for 20% of Kenya's imports. The economy expects savings since the price of oil has fallen by 50% since December.
5. We need to watch out on remittances i.e. Kenyans in diaspora
6. There is adequate reserves of forex about 5 months of import cover.
7. Impact of corona virus is personal loans. Banks urged to extend loan repayment periods by upto 1 year.
8. Depositors should accept lower deposit rates
9. Lock down in Hubei Province ends tonight (24.03.2020).
10.Lock down in Wuhan ends on April 8th
Emergency support request to Ministry of Health made to IMF of around US$ 50 million.
Emergency assistance of about $ 350 Million from IMF & another $750 Million from World Bank for budget support
Jump to the 1hr mark in the just concluded press briefing by CBK.
In summary,
1. The British Pound is on its 30 year low.
2. The IMF boss yesterday told G20 leaders that they should expect the worst recession in history.
3. The next 10 weeks are normally the best for Kenya in terms of exporting floriculture. But it will be very bad because there are no buyers.
4. Oil accounts for 20% of Kenya's imports. The economy expects savings since the price of oil has fallen by 50% since December.
5. We need to watch out on remittances i.e. Kenyans in diaspora
6. There is adequate reserves of forex about 5 months of import cover.
7. Impact of corona virus is personal loans. Banks urged to extend loan repayment periods by upto 1 year.
8. Depositors should accept lower deposit rates
9. Lock down in Hubei Province ends tonight (24.03.2020).
10.Lock down in Wuhan ends on April 8th
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