World Bank offices in Upperhill. Photo/Monicah Mwangi
Remittances are a wonderful ‘silver bullet
Fears that the World was on the brink of war lifted Gold [to a 2 year High] and brent crude to a 3 Year High above $72.00 a barrel before profit taking set in.
The Iranian rial, The Turkish lira and the Russian ruble have been getting creamed.
The Kenya Shilling was last at a 2018 high of 100.90 lifted by inward remittances which clocked a new monthly high of Sh21.25 billion ($210.36 million).
“Remittances are indeed a wonderful ‘silver bullet’…our inward remittances have been accelerating to fresh all-time highs and speaks fundamentally to Kenya Inc.’s intellectual capital and monetisation thereof” I told the Business Daily .
The Nairobi All Share eased back -1.34 points to close at 192.82.
The NSE20 Index eased back -10.69 points to close at 3820.26.
Equity Turnover clocked 787.647 million
The Business Daily is headlining ”Safaricom CEO eyes return to helm” on its web site. This is indeed good news. Safaricom eased -1.56% to close at 31.50 and traded 4.496 million shares.
Safaricom is +17.75 % in 2018 outperforming the increase in the All Share by +32.36 %. The PayPal collaboration, the E-Commerce platform all speak to a fast growing and unfolding E-Commerce opportunity. After all Kenya is the birthplace of mobile money and smart phones are now plain ubiquitous.
I interviewed Lamin Manjang CEO Standard Chartered today and he described this banking moment as ”a strategic inflexion point” We will publish the Interview on http://rich.co.ke today.