Connect with us

Business

Millers resold duty-free maize to NCPB

Published

on

Loading...

[ad_1]

News

 Julius Musyoki
KRA commissioner customs and border control Julius Musyoki before Senate on September 19, 2018. PHOTO | JEFF ANGOTE 

Maize milling companies that imported the grain during the duty-free window in 2017 irregularly sold stocks meant for their plants to the National Cereals and Produce Board(NCPB), Parliament heard on Wednesday.

Mr Julius Musyoki, the Kenya Revenue Authority(KRA) commissioner in charge of customs and border control told a special inquiry committee of the Senate that the traders may have made a kill after they sold a large bulk of the imported consignment to NCPB.

He said the Ministry of Agriculture, through the NCPB, bought 650,191 metric tonnes of maize from the importers between May and October last year.

The KRA said the importers brought in a total of 1,734,487 metric tonnes of maize during the window as outlined in the gazette notice published on April 13, 2017.

Loading...

The importation period was to run from May to August 31 but was extended to September and latter December 31, 2017.

Mr Musyoki said 86 per cent (1,491,659 metric tonnes) of white maize was imported before the July 31, deadline. During the same period, KRA official data shows that 2,42,828 metric tonnes of yellow maize was shipped into the country.

“From KRA’s correspondence with the different importers and the NCPB, it was established that most of the maize that was imported by different importers was sold to the Ministry of Agriculture and handled through NCPB,” Mr Musyoki said.

About 10 firms which brought in maize from the East African Community( EAC), the Common Market for Eastern and Southern Africa (COMESA) and other neighbouring countries may have taken advantage to supply maize to NCPB at the expense of local farmers.

The Ad-hoc committee inquiring into the maize crisis in the country and which was chaired by Bungoma Senator Moses Wetangula heard that the bulk of imported white maize came from Mexico, South Africa and the US.

According to data tabled by Mr Musyoki, 1,398,095 metric tonnes was imported from Mexico, 248,957 metric tonnes from South Africa and 7,166 metric tonnes from the US.

Kenya also shipped in maize from Ethiopia, Tanzania, Uganda, Zambia and Mozambique.

[ad_2]

Source link

Loading...
Continue Reading

Business

World Bank pushes G-20 to extend debt relief to 2021

Published

on

Loading...

World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

Loading...

People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

Loading...
Continue Reading

Business

Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

Published

on

Loading...

The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

Loading...

Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

Loading...
Continue Reading

Business

Scope Markets Kenya customers to have instant access to global financial markets

Published

on

Loading...

NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

Loading...

The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending