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Speaking during the launch of the National Beyond 2030 Conversation on Wednesday, Kindiki said Kenya’s foreign exchange reserves had risen to $15.1 billion, the highest level in the country’s history, while inflation had moderated from 9.6 per cent to below six per cent.
The clarification follows information published on the front page of a local publication which HELB said gave an incorrect picture of its student financing model, loan rates and the amount of money students could owe after completing their studies.
Under the proposed law, a borrower who defaults on a Sh10,000 loan would not be expected to pay more than Sh10,000 in interest, preventing unpaid loans from growing into overwhelming debts.
The President said the country's foreign exchange reserves had also recorded strong growth, rising from $5.7 billion, which he said was enough to cover about two and a half months of imports, to $15.3 billion, representing six and a half months of import cover.
The dispute arose after Zenka Digital Limited advanced Benson Njeru a Sh76,000 loan in September 2024, with the money expected to be repaid within one month. Under the agreement, the total amount payable at the end of the loan period stood at Sh103,360.
Ecobank’s Mohamed Souleymane says the US Federal Reserve’s decision to hold rates at 3.5%–3.75% offers short-term stability for Kenya. He warns that Middle East tensions and oil volatility could still pressure inflation, currencies and fuel costs.
Ruto said the country had moved away from the economic pressure that marked the period after the Covid-19 shock, describing the current situation as one of recovery and growth.
Kenya’s inflation remained under control in March, coming in at 4.4 percent. This is below the midpoint of the official target band of 5±2.5 percent. The MPC linked the lower inflation to reduced prices of key processed foods, including sugar and maize flour, which helped ease pressure on households.
Standard Chartered Bank Kenya reported Sh12.4bn profit after tax for 2025 and a record 95% dividend payout, as assets under management rose 29% to Sh302bn despite lower operating income.
The auction results point to falling yields across all tenors, reflecting easing borrowing costs and sustained appetite for longer-term government securities.
NSSF will implement Year 4 contribution rates from February 2026, raising the monthly cap to Sh12,960 and adjusting loan rates, while declaring 17% net interest for 2024/2025 members.
Existing Kenya shilling variable-rate loans that are already based on CBR plus a premium will continue under the same pricing structure, with the CBR component adjusting from 9.00% to 8.75% 30 days after the notice.