|Iron & steel|
Kenya, officially the Republic of Kenya, is a country in Africa and a founding member of the East African Community (EAC). Its capital and largest city is Nairobi. Kenya has a warm and humid tropical climate on its Indian Ocean coastline. Kenya is now divided into 47 semi-autonomous counties, governed by elected governors. The capital, Nairobi, is a regional commercial hub. The economy of Kenya is the largest by GDP in East and Central Africa. Additionally, Kenya is a member of the East African Community trading bloc.
Kenya's financial system is relatively developed for a country at its income level and compared with many other Sub-Saharan African countries. The financial system comprises of numerous commercial banks, non-bank financial institutions, a range of insurance companies and a stock exchange. A three-fold growth in the number of commercial banks has taken place in Kenya over the last thirty years. Similarly, there has been a phenomenal growth of non-bank financial intermediaries and the insurance industry has also experienced rapid expansion, both in terms of numbers and services offered. The country also has thousands of savings and credit associations to which most Kenyan workers belong and which have become important avenues for mobilization of savings. Furthermore, unlike many other Sub-Saharan African countries, the Kenyan economy is highly monetized with the monetary sector contributing for nearly 95 percent of the country's Gross Domestic Product (GDP) and broad money (defined as narrow money plus savings deposits) being nearly 42 percent of GDP in 1993 and when deposits with non-bank financial institutions are included this ratio rises to nearly 58 percent. This ratio is significantly higher than for most Sub-Saharan African countries where the subsistence sector remains important.
|Agriculture||Tea, potatoes, banana, coffee, cabbages, onions, mangoes.|
|Manufacture||Aluminum, steel, cement, horticulture.|
|Services (Including financial)||49.3% (2016 estimate)|
|ALS Aircraft services||Travels|
|East African Breweries||Breweries|
|Del Monte Kenya||Food|
|Nation media group||Media|
|Mumlas Sugar Ltd.||Food|
|Iron & steel|
A stock exchange was first floated in 1922 at the Exchange Bar in the Stanley Hotel in Nairobi. However, the market was not formal as there did not exist any rules and regulations to govern stock broking activities. Trading took place on a ‘gentleman's agreement.’ Standard commissions were charged with clients being obligated to honor their contractual commitments of making good delivery and settling relevant costs. At that time, stock broking was a sideline business conducted by accountants, auctioneers, estate agents, and lawyers who met to exchange prices over a cup of coffee. Because these firms were engaged in other areas of specialization, the need for association did not arise. In 1951, an estate agent named Francis Drummond established the first professional stockbroking firm. He also approached the finance minister of Kenya, Sir Ernest Vasey, and impressed upon him the idea of setting up a stock exchange in East Africa. The two approached London Stock Exchange officials in July 1953 and the London officials accepted to recognize the setting up of the Nairobi Stock Exchange as an overseas stock exchange.
In 2008–2009, In Kenya, the economic crisis was even worsened by 2007 much disputed general election results. This crisis has its own impact on the economy as a whole. Tea production, a vital industry in Kenya, has been adversely affected. Kenya's flower industry has also been affected. Companies like Zain, Telecom among others have in the recent past laid off a number of employees.
Kenyans living abroad remit money home to support consumption, and for investment purposes. Stock markets fell by 21 percent in Uganda, 24 percent in South Africa and 27 percent in Kenya between September 1 and November 30. To solve the financial crisis in Kenya, tangible policy measures need to be put in place.
A part of Eastern Africa, the territory of what is now Kenya has seen human habitation since the beginning of the Lower Paleolithic. The Bantu expansion from a West African centre of dispersal reached the area by the 1st millennium AD. With the borders of the modern state at the crossroads of the Bantu, Nilo-Saharan and Afro-Asiatic ethno-linguistic areas of Africa, Kenya is a truly multi-ethnic state. The European and Arab presence in Mombasa dates to the Early Modern period, but European exploration of the interior began only in the 19th century. The British Empire established the East Africa Protectorate in 1895, from 1920 known as the Kenya Colony.
The independent Republic of Kenya was formed in 1964. It was ruled as a de facto one-party state by the Kenya African National Union (KANU), it was an alliance led by Jomo Kenyatta during 1963 to 1978. Kenyatta was succeeded by Daniel arap Moi, who ruled until 2002. Moi attempted to transform the de facto one-party status of Kenya into a de jure status during the 1980s, but with the end of the Cold War, the practices of political repression and torture which had been "overlooked" by the Western powers as necessary evils in the effort to contain communism were no longer tolerated.
Moi came under pressure, notably by US ambassador Smith Hempstone, to restore a multi-party system, which he did by 1991. Moi won elections in 1992 and 1997, which were overshadowed by political killings on both sides. During the 1990s, evidence of Moi's involvement in human rights abuses and corruption (Goldenberg scandal) was uncovered. He was constitutionally barred from running in the 2002 election, which was won by Mwai Kibaki. Widely reported electoral fraud on Kibaki's side in the 2007 elections resulted in the 2007–2008 Kenyan crisis. After that Kenya was succeeded by Uhuru Kenyatta in the 2013 elections.
(President of Kenya)
(First prime minister of kenya)
(Nobel peace prize winner )
Between 1967 and 1978, the portrait of Jomo Kenyatta, the first president of Kenya, originally appeared on the obverse of all of independent Kenya's coins. In 1980, a portrait of Daniel Arap Moi replaced Kenyatta until 2005, when the central bank introduced a new coin series that restored the portrait of Kenyatta. The coins are 50 cents and 1 shilling in stainless steel and bi-metallic coins of 5, 10 and 20 shillings. A bi-metallic 40-shilling coin with the portrait of then-President Mwai Kibaki was issued in 2003 to commemorate the fortieth anniversary of independence (1963–2003). New coins with the image of Kenyatta were issued in 2005. In 2010, Section 231(4) of the 2010 Constitution of Kenya stated: "Notes and coins issued by the Central Bank of Kenya may bear images that depict or symbolize Kenya or an aspect of Kenya but may not bear the portrait of any individual." New banknotes and coins are scheduled to be released to meet up with this new law.
On 14 September 1966, the Kenyan shilling replaced the East African shilling at par, although the latter was not demonetized until 1969. The Central Bank of Kenya issued notes in denominations of 5, 10, 20, 50 and 100 shillings. All of the notes feature a portrait of Kenya's first prime minister and president, Mzee Jomo Kenyatta, on the front and diverse economic activities on the back. 5 shillings notes were replaced by coins in 1985, with the same happening to 10 and 20 shillings in 1994 and 1998. In 1986, 200 shillings notes were introduced, followed by 500 shillings in 1988 and 1000 shillings in 1994.
As with the coins, Mzee Jomo Kenyatta appeared on the banknotes issued until 1978, with Daniel Arap Moi's portrait replacing him in 1980. In 2003, after Mwai Kibaki replaced Moi as president, 5, 10, and 20 shilling notes from the 1978 series with Kenyatta's picture that had been in storage were issued and circulated for a time. A new series of notes was then introduced on which Kenyatta reappeared with denominations of 50, 100, 200, 500 and 1000 shillings. The issue of 12 December 2003 commemorates the "40 years of Independence 1963–2003". The banknotes are printed in Nairobi by De La Rue. In 2013, the Kenyan design agency Ark proposed a new symbol for the currency, which would use the uppercase letter 'K' representing Kenya, combined with two parallel lines to represent the "=" symbol. Arithmetically, the equality sign is a function that shows balanced relationships between items of the same value - a relationship that forms the basis of money as a medium of exchange. This equivalence "certifies" the stability of the Shilling. The proposed symbol was shared online and created a lot of interest within the general public and critics alike. It gained quite a lot of positive feedback with the Kenyan public praising the idea of finally having and owning their own signature symbol for the local currency.
|National Song||"Ee Mungu Nguvu Yetu"|
|Currency||Kenyan shilling (KES)|
|GDP / GDP Rank||152.763 Billion USD|
|GDP Growth Rate||5.6 Percent|
|GDP Per Captial||$3361.023 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
1.2% Other Religions
President – Uhuru Kenyatta
|Website||Go to the web|
|Public Debt||54.396 Percent|
|Unemployment Rate||10.998 Percent|
|Labor Force (Occupation)||-|