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Kenya

CITI eases forex dealings

NAIROBI, Kenya Jul 30- Citi Bank Kenya has launched a new trading platform aimed at allowing customers to trade online.

Speaking during the launch, Citi Bank Head of Treasury Sales Noah Meely said CITIFX Pulse will enable clients transact both foreign exchange and money market transactions at their own convenience.

Mr Meely said the financial market is currently characterised by cutting costs and increasing revenues, hence the need for innovative and efficient systems that facilitate a competitive edge over other financial institutions.

"We are in a technological era where systems are meant to consolidate operations that make business transactions simpler for the end user," he said.

CITIFX Pulse, an electronic platform, has local pricing and liquidity easily accessible anywhere in the world making it very convenient for the user.

With features such as live reports of transactions, cash and position management, live news and charts, CITIFX Pulse keeps the customer constantly informed so they can make informed financial decisions.

CITIFX Pulse is an upgrade of the now outdated treasury platform, Cititreasury Interactive.

The system is also meant to automate deal flows with straight through processing to your back office, resulting in huge efficiency gains.

Meanwhile Citi Bank Head of Fixed Income, Currencies and Commodities Ignatius Chicha, welcomed the Central Bank\’s move to lower the Credit Reserve Ration saying it would bring more liquidity into the market, resulting into lower cost of funds.

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Mr Chicha was however sceptical given the slow rate of credit pick up by the private sector.

He puts this down to inventory stock up and idle capacity by companies waiting to see how demand in the market is going to be in the coming quarters.

Mr Chicha was however optimistic that the situation would allow the government to borrow more money for infrastructure development, which would be highly beneficial to the country\’s economy.

"When you have things working like proper roads, energy and efficient transport system it would provide a conducive environment for investment," he said.

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