Afternoon business highlights – March 22, 2018

Afternoon business highlights – March 22, 2018

Government confirms plan to pay millers Ksh7.6 billion from food subsidy programme

Millers and transporters are owed Ksh7.6 billion by the government accrued from the concluded food subsidy programme. Agriculture chief administrative secretary Andrew Tuimur said the money has been factored in the supplementary budget and millers will be paid once it has been approved by Parliament. Millers argue that their activities have been paralysed as they are not able to stock maize as should be the case and that they are buying small quantities for immediate use.

Mombasa refinery expects crude oil in May

Mombasa’s oil refinery will receive eight trucks of crude oil daily when operations kick off in May this year, Mining Cabinet Secretary John Munyes has said. The refinery, which has been dormant since 2013, was taken over by the Kenya Pipeline Company early last year in a three-year lease aimed at facilitating the planned early oil programme. The refinery was to be modified at an estimated cost of Sh1.5 billion to store waxy crude oil from Liokichar Basin for export.

CBK complete outstanding interest rate cap policy reviews in three months

The Central Bank of Kenya will complete outstanding policy reviews not limited to that of interest rate caps by June this year. This means that three months from today, the bank is likely to have made a conclusions on whether to abolish or modify the interest rate caps, a move set to see the cost of loans rise. Addressing the press , a day after lowering the Central Bank Rate by 0.5 percentage points , CBK governor Patrick Njoroge said that the decision to review the CBR was made on the backdrop of a contained inflation and signs of a strong fiscal consolidation at the Treasury.

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