Trade and Financial Services Round-Up 

  • 1 Mar 2024
  • 2 Mins Read
  • 〜 by Naisiae Simiren


Puzzle of counties running 1,400 illegal bank accounts

County governments are operating more than 1,400 accounts in Kenyan commercial banks, in breach of the law that requires them to hold their cash at the Central Bank of Kenya (CBK).

The Controller of Budget has raised the alarm over the oversight that has seen counties like Bungoma, Migori, and Kwale run 321, 208 and 165 accounts, respectively, at commercial banks.

(Source: Business Daily)


UK, Tanzania explore new avenues in financing

Tanzania and the United Kingdom are exploring new avenues through the UK Export Finance (UKEF) to foster stronger relations between the two countries within a mutual partnership framework. UKEF is the operating name of the Export Credits Guarantee Department, which is the United Kingdom’s export credit agency and a ministerial department of His Majesty’s Government.

UK Prime Minister’s Trade Envoy, Lord Walney, stated that the virtual meeting aimed to explore avenues through which UKEF could foster stronger UK-Tanzania relations within a mutual partnership framework.

(Source: Daily News)


URA increases daily import tax collections to Shs 40b

Uganda Revenue Authority (URA) has said recent innovations have helped increase daily revenue collections at the border points from Shs26b to Shs40bn.

In an interview, Ibrahim Bosa, the Assistant Commissioner of Corporate Affairs, said the introduction of non-intrusive inspection scanners has facilitated faster clearance of goods, which has increased the volume of goods cleared.

The measures include the introduction of the authorised economic operator’s programme for traders who pay the right declaration of taxes for goods in transit and the introduction of electronic cargo tracking services for goods in transit to DR Congo and South Sudan.

(Source: The Monitor)


Rwanda explores strategies to reduce transfer costs on remittances

Given the increasing volume of remittance flow in the country that has surpassed the Foreign Direct Investments (FDIs) over the past three years, the government is seeking ways to address the persistent high cost of the transfers. A remittance is a non-commercial transfer of money by a foreign worker or a member of a diaspora community for household income in their home country.

The flow rose to $470 million in 2022, representing 3.5 percent of GDP, according to official data. The data is collected from commercial banks, money transfer agents like Western Union, Money Gram, WorldRemit, and other informal transfers. Remittances have played a crucial role in moderating depreciation pressures on the Rwandan Franc, along with tourism receipts, and greatly helped to improve savings in the economy, according to officials.

(Source: The NewTimes)


Sri Lanka desirous to expand bilateral trade, investment relations with Ethiopia: Amb. Kumarasiri

Sri Lanka is keen to expand bilateral trade and investment cooperation with Ethiopia, Ambassador K.K Theshantha Kumarasiri said. In an exclusive interview with ENA, the ambassador said there are many Sri Lankan business entrepreneurs interested in investing and doing trade with Ethiopia.

Ambassador Kumarasiri stated that Sri Lanka has recently proposed for the first time to sign a MoU with the Addis Chamber and Ceylon Chamber of Commerce.

(Source: ENA)