Business & Economy
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Oil Prices Surge Despite Record Reserve Release Amid Iran War
Oil prices surged despite a record release of emergency reserves by International Energy Agency (IEA) member countries aimed at stabilizing the market following concerns linked to the Iran war. A looming fuel shortage threatens Kenya and Uganda by the end of March due to global ramifications from the Iran war. Kenyan exporters of perishable goods are facing significant financial losses due to shipping route disruptions caused by the conflict between the US and Iran, with extended transit times leading to quality degradation and mounting expenses for key agricultural and meat products. Meanwhile, US inflation remained stable at 2.4% in February, a figure recorded before the impact of the US and Israel war in Iran on energy prices.
Kenya Public Debt Surges to Sh12.29 Trillion
Kenya's public debt has surged to Sh12.29 trillion by December 31, 2025, marking a significant increase partly attributed to financing budget deficits and accumulated interest. Separately, SBM Bank Kenya has announced a significant financial turnaround, returning to profitability after a challenging year, posting a profit before tax of Sh614 million for the year ending December 31, 2025, a remarkable shift from a Sh1.6 billion loss in 2024. KCB Group has also announced an 11 percent increase in net profit, reaching Sh68.4 billion for the year ending December 31, 2025, with growth driven by a significant rise in lending and overall revenues.
CPF Group Expands Financial Services to Rwanda
CPF Group, a Kenyan financial services provider, has officially opened a new office in Kigali, Rwanda, as part of its ongoing regional expansion strategy. Farmer's Choice plans a major expansion of its smokie vendor network, aiming to grow it from 50,000 to 150,000 vendors nationwide, an initiative part of the Be Your Own Boss (BYOB) program seeking to boost entrepreneurship particularly for women and youth. In a separate legal development, the appointment of Francis Meja as the chairperson of the Public Service Commission is facing a legal challenge in the High Court of Kenya.
