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US Seeks Kenya Shilling Devaluation Amidst Trade Talk1 minute read

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The Central Bank of Kenya (CBK) has denied the possibility of devaluing the Kenyan Shilling. Talks of the Kenyan Shilling being devalued has been linked to the ongoing bilateral trade agreement between Kenya and the United States.

Governor, Central Bank of Kenya, Patrick Njoroge says Kenya has never and will not manipulate the shilling for competitive gain and hence such concerns are “misplaced.”

It had become public knowledge that the U.S. are asking Kenya to allow market forces influences the rate of exchange of the Shilling to the dollar.

The Apex bank chief, acknowledged Washington’s demand as common. Also, such demand had been asked earlier by the International Monetary Fund (IMF) in 2018 stating that Kenya’s currency was overvalued, which drew protests from the Central Bank governor.

“Any concerns about movement and things like that I think are misplaced,” said the CBK boss.

Dr Njoroge, has previously defended Kenya from the currency manipulation tag, insisting the foreign exchange rate reflected the shilling’s true value.

“That it’s the negotiating position of the United States…It doesn’t mean that Kenya is a currency manipulator…this is not proof or a statement that Kenya is a currency manipulator,” said Dr Njoroge said.

The Central Bank has often maintained that it does not operate a managed exchange regime and is committed to a flexible exchange rate regime. The bank only intervenes to smooth out excess volatility, Dr Njoroge has often said.

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Air Tanzania Resumes Scheduled Flights To Harare

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Air Tanzania resumed scheduled flights to Harare on Wednesday after a seven-month suspension due to the COVID-19 pandemic.

The airline joins a host of other regional and international airlines that have resumed flights into Zimbabwe after the country reopened its skies at in October.

Some of the airlines that have resumed flights into the southern African country include Emirates, Ethiopian Airlines, Kenyan Airways, South African Airlink and Fastjet.

“The flights resume today on Oct. 27 2020 and will be served initially twice weekly on Tuesday and Friday.

“Air Tanzania will operate the route via Lusaka, Zambia using a Dash8-Q400 aircraft,’’ the airline said in a statement Tuesday.

An official at the airline said as with the new normal, the flights would be operated under new COVID-19 health regulations.

“We are thrilled to be resuming the Lusaka-Harare flights. This South bound route connects both Lusaka and Harare business people, tourists and academics to the port city of Dar-es-Salaam and beyond,” the official said.

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BREAKING: Okonjo-Iweala Emerges WTO Director-General

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Former Minister of Finance, Ngozi Okonjo-Iweala, has been named the new Director-General of the World Trade Organization, WTO.

She defeated the trade minister from South Korea by polling 104 votes from 164 member countries.

This makes her the first African to occupy the position of DG WTO.

Details Later…

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Nigeria To Construct 10 New Airports

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Nigeria’s Minister of Aviation, Sen. Hadi Sirika, on Tuesday, told federal lawmakers the West African country has concluded plans to build 10 new airports.

The minister revealed this when he appeared before the Senate Committee on Aviation for the 2021 budget defence by the ministry and its agencies.

Sirika said that the civil aviation had witnessed growth saying that the number of airports in the country had increased.

“There are airports coming up in Benue, Ebonyi, Ekiti, Lafia, Damaturu, Anambra and so forth. All of these show that civil aviation is growing during this administration,” he said.

Sirika said both the executive arm of government and the National Assembly had done justice to the civil aviation sector since 2015 when the current administration came on board through the development of a roadmap, which was being implemented.

“So, we have about 10 new airports coming up; that is almost half the number of airports we used to have in Nigeria. We are adding 50 per cent of the number of airports,” Sirika said.

He also noted that Kebbi, Osubi, Dutse, Jigawa airports were taken over by the Federal Government while the Gombe State Government had also written the federal authorities, asking it to take over the Gombe Airport.

Meanwhile, Sirika told newsmen after the budget defence that the national carrier, Nigeria Air, was part of the Aviation sector roadmap, which would be delivered before 2023.

“We are on it. The transaction adviser has brought in the outline business case. It is being reviewed by Infrastructure Concession Regulatory Commission (ICRC).

“Soon after it completion, it will go to the Federal Executive Council fir approved. We will not leave this government without having it in place,” Sirika said.

On the need to site another airport in Lokoja, Kogi, as alternate to Nnamdi Azikiwe International Airport Abuja, Sirika said, “Lokoja is an important Northern town.

“Lokoja is a cosmopolitan town, it’s a mini Nigeria and it is extremely very important in growth and development of our country.

“We have a lot of agricultural activities around there. There is fishery, there is perishable item production and so on.

“So sitting an airport there is quite apt. For me, it is something we should have done long ago for its importance,” Sirika said.

On the issues of dilapidated equipment at some airports across the country, Sirika said it was a work in progress as the airports were being attended to one after the other based on priority.

“We don’t have the resources to take them all at once. We are attending to them according to their needs in terms of safety and security.

“Certainly we are making Ilorin one of the best airports because in the first place it is an alternate for Lagos,” Sirika said.

Chairman of the Committee, Sen. Smart Adeyemi, said that observations were made by the committee on how to assist the aviation industry.

“This is more importantly as the world grappled with global recession, aviation becomes a very important sector that requires the attention of any progressive government.

“I am happy to see that there is an improvement in what is being proposed for 2021 compared with the outgoing year.

“Aviation is important because when the economy is down for a developing nation as ours, it makes sense to focus on aviation in order to be able to accelerate socio-economic activities.

“Aviation must be given serious attention and I am happy this government has responded to that,” Adeyemi said.

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