Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
According to Njoroge, the 2021 growth will be influenced by sectors such as manufacturing but noting that the agricultural sector is likely to be impacted by drought.


CBK transfers Sh 5.5bn in dividends to Treasury

NAIROBI, Kenya, Sept 28 -The Central Bank of Kenya (CBK) Monday noted that it had transferred Sh 5.5 billion from its General Reserve Fund (GRF) to the Treasury’s Consolidated Fund bringing to Sh 10.5 billion the total dividends paid since February.

In a statement, the firm noted that the transfer was executed by crediting the Ministry of Finance’s Deposit Account and that the distribution is in ‘accordance with Sections 9 and 51 of the CBK Act, relating to the treatment of CBK’s
net annual profits, and followed approval by the CBK Board.”

“The CBK announces that it has today transferred to the Government Consolidated Fund Ksh.5,500,000,000 as a distribution from CBK’s GRF,” the regulator said in a statement.

At the same time, CBK  noted that while it paid its dividends, it is still focused on delivering its mandate of modernizing its facilities and infrastructure in keeping with its mandate.

“The completion of the identified projects will play an important role in CBK’s longterm health and viability, strengthening its operations in line with its responsibilities and changes in the financial sector,” it said.

The regulator noted it also needs resources to issue new generation currency, with an expected cost of Ksh.15 billion.

CBK added that the GRF is also needed to strengthen Strengthening CBK’s financial position to make it more resilient to shocks.

“To keep up with the significant growth of the financial sector and ensure that it can discharge its functions even in times of stress while sustaining its financial independence, CBK needs to increase its paid-up capital in the period ahead towards its authorized capital of Ksh.50 billion,” CBK added.


Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...