Afronomics: what African money did today, and why

FXMid-market reference · Wed, 04 Nov 2026 00:02:31 UTC

For institutions

Today · Thursday, 5 November 2026KiswahiliSoma kwa Kiswahili

Today in 30 seconds

Kenya 91-day bill
8.75%
unchanged on the last auction
Value 2 Nov 2026Central Bank of Kenya
Kenya one-year bill
9.03%
unchanged on the last auction
Value 2 Nov 2026Central Bank of Kenya
CBK policy rate
8.75%
set 7 Oct
7 Oct 2026Central Bank of Kenya
Top money market fund by yield, after tax
11.40%
Zimele Fixed Income Fund (Savings Plan)
4 Nov 2026Zimele Asset Management

Come back tomorrow to see what changed since this visit.

What changed this week (3)

Government borrowing
Egypt 5-year bond rose 1.21 percentage points to 26.20%
Who it touches: Egypt's borrowing bill and pension funds holding its bonds.
Central Bank of Egypt (for the Ministry of Finance)3 Nov 2026
Currency
The Angolan kwanza strengthened 2.64% against the US dollar overnight
Who it touches: Importers paying in dollars and families receiving money from abroad.
ExchangeRate-API reference rates4 Nov 2026
Government borrowing
Kenya 30-year bond fell 0.06 percentage points to 14.13%
KES 60 a year less interest on KES 100,000, before 15% withholding tax. Who it touches: Pension funds and savers holding Kenyan bonds, and the government's borrowing bill.
Central Bank of Kenyafor value 9 Nov 2026

How the moves are chosen: the largest auction rate change in any market in the last 7 days (against the previous sale of the same tenor), the largest overnight move among traded African currencies, and the largest move in Kenya. Shilling effects are worked out by code from the published rates; nothing here is estimated by a model. Information, not advice.

Our record: 7 of 9 published ranges held the result · 48 calls open, first due 6 Nov 2026 →

MarketsVerdict24 Oct

Kenya's diaspora money: North America sent US$245m less in nine months, and the US tax is only 1%

Our verdict · Opinion

In our view, the US remittance tax is too small and too narrow to explain an 11.19% fall in money from North America on its own; the bigger, steadier cost for most senders is still the fee, and the shilling can absorb this fall, but a family that depends on one relative in America cannot.

US$1.946bn

From North America, Jan to Sep 202620 Oct 2026 · CBK, Diaspora Remittances, monthly inflows by source, data to September 2026

North America sent US$245m less; Europe and the rest of the world sent US$240m more (Change in inflows, January to September 2026 against 2025, US$ millions)

North America sent US$245m less; Europe and the rest of the world sent US$240m more. North America: -245.2; Europe: 115.3; Rest of world: 125.2
Item	Change in inflows, January to September 2026 against 2025, US$ millions
North America	-245.2
Europe	115.3
Rest of world	125.2

Source: CBK, Diaspora Remittances, monthly inflows by source, data to September 2026, 20 Oct 2026

What changed this week

Government borrowing
Egypt 5-year bond rose 1.21 percentage points to 26.20%
Who it touches: Egypt's borrowing bill and pension funds holding its bonds.
Central Bank of Egypt (for the Ministry of Finance)3 Nov 2026
Currency
The Angolan kwanza strengthened 2.64% against the US dollar overnight
Who it touches: Importers paying in dollars and families receiving money from abroad.
ExchangeRate-API reference rates4 Nov 2026
Government borrowing
Kenya 30-year bond fell 0.06 percentage points to 14.13%
KES 60 a year less interest on KES 100,000, before 15% withholding tax. Who it touches: Pension funds and savers holding Kenyan bonds, and the government's borrowing bill.
Central Bank of Kenyafor value 9 Nov 2026

How the moves are chosen: the largest auction rate change in any market in the last 7 days (against the previous sale of the same tenor), the largest overnight move among traded African currencies, and the largest move in Kenya. Shilling effects are worked out by code from the published rates; nothing here is estimated by a model. Information, not advice.

Your money

Savings, loans, banks, SACCOs and the cost of living

Cost of livingData29 Oct
Kenya's 2025/26 budget: revenue fell KES 60.2bn short, and unpaid bills stood at KES 475.5bn
Cost of livingData22 Oct
Telposta pension scheme sold KES 361m of NSE shares in a year, up from KES 8.8m
BankingVerdict15 Oct
Kenya's banks earn more from the government than from you? Not yet, but the gap is closing
KES 287.2bn
Interest from the government, 2025
Cost of livingVerdict15 Oct
What Fuliza really costs: KES 52 to borrow KES 1,000 for a week, 271% a year
KES 52
KES 1,000 on Fuliza for 7 nights

Government borrowing

Budgets, bills, bonds and what the state pays to borrow

Public moneyVerdict24 Oct
Deducted, not delivered: KES 3.92bn of SACCO money and KES 66.41bn of pension contributions taken from pay but not passed on
KES 3.92bn
Deducted for SACCOs, not passed on, 2025
Public moneyVerdict15 Oct
Kenya's Eurobond rescue: US$43m a year more in interest to clear its first bond
US$43.1m
Extra interest, every year to 2029
Public moneyVerdict15 Oct
Where the Housing Levy money went: KES 114.5bn collected, and none of 142 affordable housing projects finished at audit
KES 114.5bn
Levy collected to April 2025
Public moneyVerdict15 Oct
Kenya's 18.46% tax-free bond: savers' best deal was taxpayers' dearest loan
KES 44.5bn
Tax-free interest a year

Companies & IPOs

Listed and listing companies, offers and results

CompaniesData6 days ago
Quickmart's share offer closes at 5pm today: 500 shares minimum at KES 7.50, and no withdrawals
KES 7.50
The minimum application is 500 shares at KES 7.50, then multiples of 100 shares.
CompaniesVerdict15 Oct
Dangote's refinery IPO: Kenyans are offered a slice of Africa's biggest plant, through an expensive wrapper
₦2.11trn
To the company
CompaniesVerdict15 Oct
Kenya Airways' bailout bill: KES 122bn of state loans to become shares, and US$350m more on the way
KES 122bn
State loans to be turned into equity
CompaniesVerdict14 Oct
Quickmart's IPO: KES 15 billion changes hands, and Quickmart gets none of it
KES 15bn
To the sellers

Across Africa

Money events across the continent

AfricaData27 Oct
Uganda's one-year bill rose 3.00 points to 14.50%: UGX 29,980 more a year on UGX 1,000,000
14.50%
The 364-day bill rate rose 3.00 points in one auction, to 14.50%.
AfricaData19 Oct
Sending $200 home to Uganda: from Kenya the cheapest service costs $5.56, the average $23.80
AfricaData16 Oct
Sending $200 home to Nigeria: from South Africa the cheapest service costs $8.02, the average $26.26
AfricaData14 Oct
One currency, twice the price: Senegal pays 7.87% for a one-year bill, Burkina Faso 3.73%
7.87%
Senegal's one-year bill cleared at 7.87% on 9 October, up 0.69 points on a year

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