• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Kenya’s currency falls after Fitch warning

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
161
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Kenya’s currency falls after Fitch warning

Kenya’s currency weakened by the most in four months after Fitch Ratings said it may downgrade the nation’s credit rating depending on the portion of foreign reserves it uses to settle payments on a $2 billion eurobond due in June.

“Deploying reserves to redeem the eurobond would reduce import cover, which could still contribute to a downgrade of Kenya’s rating depending on the extent of the drawdown and outlook for other sources of external financing,” Fitch said in a statement published Tuesday. “However, we believe some of the government’s planned additional external financing will also materialize.”

Fitch in July revised the outlook on the country’s debt to negative while affirming its credit rating at B, or highly speculative.

The shilling fell as much as 1% to trade at a record low of 152.80 per dollar on Wednesday. The yield on Kenya’s 2024 debt fell 14 basis points to 14.98% by 1:11 p.m. in Nairobi, after jumping 55 basis points yesterday.

The 2024 bond has been a focal point for investors worrying about the nation’s debt burden as it faces elevated energy and food import bills, with limited foreign exchange to fund the shortfalls.

Foreign-exchange reserves have been dwindling because of raising debt service costs and import bills. At $6.8 billion, they are sufficient to pay for 3.7 months of imports.

RelatedPosts

2025 Study: Where High Earners Keep Most of Their Money 

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

The East African nation has been reluctant to consider refinancing the debt in capital markets because of high interest rates. In an interview with Bloomberg last month, Treasury Secretary Njuguna Ndung’u said Kenya is weighing borrowing from multilateral and bilateral lenders to help repay the eurobond.

It is in talks for more funding with the International Monetary Fund, World Bank, Trade and Development Bank, and African Export-Import Bank, along with bilateral lenders such as those in China, including the Export-Import Bank of China and the China Development Bank, which are the primary holders of Chinese loans to the country.

The government’s target to secure 1 trillion shillings ($6.6 billion), or 6.3% of gross domestic product, in foreign financing, including 467 billion shillings in commercial financing, is ambitious, Fitch said. The ratings company’s baseline assumes Kenya will get around $4 billion of external funding, it said.

Tags: Fitch RatingsKenyaKenya’s currency falls after Fitch warning
No Result
View All Result

Highlights

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

Trending

Business

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money  More than 640 million adults worldwide have...

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 2025

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

August 27, 2025

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.