GAZETTE NOTICE NO. 7005

take notice tlpt a petition for a SuccsssloxcAussNo. û oF 2005 grant of letters of adminiseation intestate to the estate of the Above- LET. AL,L the parties concerned takr notiçe that a petition for a named deceased, who died at Kasewe '<A'' Sub-location, on 12th May,' grant of letters of administration intestate to the estate of the above- 2004, has been tiled in this registry by Pcter Ochieng Okungu, of named -deceased. who died at Nyamagenga Sub-location, on 15th Kasewe CCA'' Sub-location, P.O. Box 127, Kadongo. .in his capacity as April, 1982, has been tiled in this registry by Zablon Nyaikongoro son of the deceased. ' ' Marwa, in his capacity as son of the deceased. And further take notice that objections in the prescribed form to And further take notice that objections in the ptèscribed form to the making of the proposed grant are invited and must be lodged in the making of the proposed grant are invited and must be lodged in this registry within thirty (30) days of publication of this notice. this registry within thirty (30) days of publication of this notice. And further take' notice that if no objection has been Iodged in this Apd further take notice that if no objection has been lodged in this registry in the prescribed form within thirty (30) days of 'the date of registry in the prescribed form withitl thirty (30) days of the date of publication of this noyice, the court may proceed to make the grant as publication of this notice, the court may proceed to make the grant as prayed or to make such order as it thinks fit. prayed or to make such order as it thinks ût. ' Dated the 27th July,' 2005. Dated the 8th February, 2005. . R. C. BIOMNDO, S. 0. ATONGA, ' District Registrar, Oyugis. ' . District Registran Migori. 1878 THE KEMYA GAZEWE 2nd September, 2005 GAZETTE NOTICE N0. 7009 IN THE SEMOR IMIDENT MAGISTRATE'S COURT AT MIGORI IN THE MAWER OF Tl1E ESTATE OF NYANGILE NYAMWOMA OF NMROBI PROBATEAND XDMINISTRATION SUCCESSION CAUSE NO. 349 OF 2005 LET ALL the parties concerned take notice that a petition for a grant of letters of administration intestate to the estatc of the 'above- named deceased, who ditd at Suna Ctntral, on 10t11 Apdl, 2*5,' has been filed in this registry by George Omusi Nyamwolàa, in her capacity as daughter of the decosed. And further take notice that objections in the prescribed folm to the making of tlle proposed grant are invited and must be lodged in tllis regis> within thilly (30) days of publication of this notice. And further take notice that if no objection has been lodge.d in this registry in tie prescribed form within thirty (30) days of the date of publication of tllis nùtice, tlle court may proceed to make the grant as prayed or tb make sucà order as it thinks tit. Dated the 29th July, 2005. S. 0. ATONGA, Distrîct Registrar, Migori. PROBATE AND ADMINISTRATION SUCCESSION CAUSE NO. 36 OF 2005 LET ALL the parties éoncerne,d take notice that a petition for a grant bf letters of adminiseation'intestate to the estate of the above- named deceysed. Who died at Mapashi Sub-location, tn 27th December, .2004, has been filed in thi ss registry by Nashuru Ene Nayioma, of Mapashi Sub-location, Mapashi Location, P.O. Box 1, Kilgoris, in hertcapacity as widow of the deceased. And further take notice that objections in the presurlbed form to the mnking of the proposed grqnt are invited and must be lodged in this registry within thirty (30) days of publication of this notice. . And further take notice that if no objection has been lodged in this registry in the presckbed form within thirty (30) days of the date of publication of this notice, the court may proceed to make the grant as prayed or to make such order as it thijlks 5t. ' D ed the 26th July, 2005.at W. K. CIIEPSEBA , District Registrar, kilgoris. GAZE'ITE NOTICENO. 7012 IN TI!E SENIOR RESIDENT MAGISTRATE'S COURT AT GGORIS IN TIIE MMTER 0F THE ESTATE OF JOSEPH ENKUNE NAYIOMA OF TRANS MARA DISTRICT GAZGE NoncENo. 7019 IN TllE SEMOR RESIDENT MAGISTMTE'S COURT AT MIGORI IN 1HE MATTER OF Tlœ ESTATE OF GERSON AYAYA OF MIGORI DISTRICT PROBATE AND ADMINISTRATION SUCCESSIONCAUSE NO. 350 OF 2005 LET ALL the pardes concerned take notice that'a petition for a grant of letters of àdministration intestyte to the estate of the above- nameld deceased, who died at Kanyimach Sub-location, on 30* June, 1996, has been sled in this registry by Marika Ayaya Odongo, in his capacity as son of tlie deceàsed. And further tak: notice that objections in the prescribed form to the making of the proposed grant afe invited and must be lodged in this regisey withln thirty (30) days of publicaion of this notice. And further take notice that if no objection has been lodged in this registry in the prescribed form within thirty (30) days of the date pf publication of this notice. the court may proceed to make the grant as prayed or to make such oyder as it thinks tit. Dated the 19th August, 2005. s. o. xwlxo, District Registrar, Migori. GAZETTE NOTICE N0. 7013 IN THE SEMOR RESJDENT MAGISTRATE'S COURT AT KAPENGURIA IN 'IME MAWER 0F TIIE ESTATE OF MUSA KIPTALAM KIMENGICH PROBATE AND ADMINISTRATION succEssloNcAussNo. 7 o/ :005 LET AI.L the parties concerned take notice that a petition for a grant of letters of administration inkestate to the estate of the above- named deceeased, who died at Keringet Sub-location, Mnagei Location, West Pokot Diseict on 31st December, 1992, has been tiled- in this registry by Adija Stati Musa, in her capacity as widow of tlle deceased. And fttrther take notice that objections in the prescribed form to h aking of the' proposed grant are invited and must be lodged int e m this registry within thirty (39) days of publication of this notice. And further take notice that if no objection llas been lodged Sn this registry in the prescribed form within thirty (30) days of the date of publication of tllis notice, the court may proceed to mnk'e the' grant as prayed or to make such order as it thinks tit. W. CIIEPSEBA, District Registrar, Kapenguria. GAZE'ITB NOTICE NO. 7014 GAZETI'E NOTICE NO. 7011 IN THE SEMOR RESIDENT MAGISTRATE'S COURT hi VIGORI IN Tlœ MAWER OF TllE ESTATE OF JOHN OWARE AKIRI OF MIGORI DISTRICT PROBATE AND ADMINISTMTION SUCCESSION CAUSE NO. 363 OF 2005 LET ALL the parties concemed take notice that a petiyion for a a grant of letters of administration intestate to the estate pf the above- named deceajed, who died at Kogelo West, on 17th August 1984, has beep filed in this registry by (1) Joseph Akina Akiri and (2) Pitalis Apindi Akiri, in thçir capacities as brothers in the deceased. And further take notice that objections in the prescribed form to the making of the proposed grant are invited and must be 'lodged in this registry within thirty (30) days of publication of this notice. And further take notice that if no objection has been lodged in this registry in the prescribed form within tllirty (30) days of the date of publication of this notice, the court may proceed to make the grant as prayed or to make such order as it thinks tit. Dated the 16th August, 2005. E. 0. AWINO, Disthct Registrar,. Migori. IN THE RESIDENT MAGISTRATE'S COURT AT MOLO IN THE MA'ITER OF TIG ESTATE OF KIPLANGAT A. ROTICH PROBATE AND ADMIMSTRATION SUCCESSION CAUSE NO. 31 OF 2005 LET ALL the parties concerned take notice that a petition for a grant of letters of administration intestate to the estate of the abovr- named deceased, who died at District Hospital, Olenguruon#, on 11th January,'2004, has been tiled in this registry by (1) Tabelga A. Langat and (2) Esther Cherono Randabun, b0th of P.O. Box 2, Olenguruone, in their capacities as widows of the deceased. And further take notice that objections in the 'prescribed fonn to the making of the proposed grant are invited and must be lodged in this registry within thirty (30) days of publication of this notice. And further take notice that if no objection has been lodged in this registry in the prescribed fonn within thirty (3()à days of the daie of publication of this notice. the court may proceed to make the grant as' ed or to make such order as it thiùks tit.pray Dated the 14th July, 2005. R. K. KIRUI, District Registran Molo. 2nd September, 2005 THE KENYA GAZETTE 1879 3AZETTE NOTICE NO. 7015 CENTRAL BANK OF KENYA 16r: Mo=TmYPoLlcYSTA==<,J-,2005 1. , ûqxooucnox since the publication of the 15* Mimetary Policy Statement, there have been a numvr of developments of significance for monetary policy. Revised GDP numbers published in the 2005 Economic Survey indicated stronger-economic performance with real GD/ growth estimated to have grow? b: 4.3 percent in 2004, ip from 2.8 percent in 2003. The stronger groyth performance originated from favcurable world econc'my that generated a . higher demand fcr Kenyan exports. At the iame time, rpbust growth in 'tonrism (15.1 . percent), manufacturing (4, 1 perbent) and transport and telebommunication (9.7 p:rcent) generated expanded domestic demand. lluhtilm also tistd in responst to tht tight mondary policy 'stanct adopttd sinct Dtctmbtr 2004, Much of' tht increased ihflationary pressure continued to reflect shocki in oil and food price. At the same time, the Keny; shilling appreciateds partly due to strong ,export receipts frcm tea, hcrticultur: and partly due l . o capital inflows occasioned by the rzlatively high domestic interest rates. Looking àhead, the momentum of economic recovery should be sustained through 2005/06 with real GDP growth projected at 5 percent bï 'Jnne 2û06, from 4,4 percent in 2004/05. Activity in th> sectors that performed well in 2t04/05, namely, tourism, panufacturing, and transport and communicAtion ls expected to increase further, couplzd with a rebound in agriculture following favourable weather' cdnditinns. Furthermore, growth il the world economy is expected to contilme, albeit at a, moderatt pace. As a result of this, Kenp's exports are expectzd to perform well. $Inflation is eypected to continue to eas: as fcod supplies improve 'and stability in tlle shilling exchange rate continues to check any ' d inflMion, The risk to this favourpble inflgtion outlook, however, remains the ppward bias. if oi1 prices which could mak: th:impotte tasicg of inthtion. to 5 percent by Jun: 2(26 .zlusive. Monztar7 policy will continue to guard against any slippages that may worsen risks to inflation. The implication cf this is that the monetary policy strategy to be purlued by the Central' Bank will rôflect an appropriately tight ' stance ovtr the next one Cear to June 2006. . ' ' I I , PERFORMANCE'OF MO=TARY Poucy slxcE ,rl.1 LAST STATF.MENT IN DscF-Mau, 2004 Monetary pdlfcy objective The 2004/05 mqnetary program aimed at keeping underlying inflation below 3 percent. The inflation objective was pursued èy targeting reserve money wtth broad money supply (M3X) as the intermediate targd, and open market operations as the main instrument. 'l''he casht ' ratio requirement (CRR) was kept at tbe 6 percent level set in July 2003. Mtmey supply and reserve mcney w:re tirgeted to grow by 7.5 percent and 3.8 percent in 2004/05, respectiyely. Credit to the private sector wa$ expected to moderati, growing by 8,9 percent by end- . June .2005. ' * ' Perjormattce 4J the 04/05 mosetary pronram Monetary pelicy ''implementation was anchcred on quarterly targets fcr brtmd money and reserve money. Under the monttAry program, a floor on net foreign assets of the Central Bank (allowing for adjustment 'for any shortfall of progrgmmed budgitary sii pport) and a ceiling oà reserve mqney were to be observed. The performance zî the monetary prograin in 2004/05 is summarized in Table 1. ' ' . . . ' '. . ) . ' ' . ' . . ') t . $% ' f'il 't . # ' . . ' , ' ' ' ' ' ' ' ' ' ' '' . ' ' . ' ' . # S, j... ' ; )'v . ' . . ' $ ' J :' .' L'. L k ; . . ' 1 r, 'iS ' ' ' 7 . . j!; . L L $ . t' ' ' Y . :1 . .1 j '' 5.' .'i l ' $ i d ' ' * '' ' ' E. . . . . q i . . ; . . : . I ! . 7 ; ;: j , q t- ; J) ,., . ); , i ; s .q, s j ). j ;.,.r . , . , , y, r ,jrj yç j rjr. r r !:ù., g $ , .. . :. j.,)' .?î , j r. , . '. ( ;.) ; ' . , :Table 1: Quantltatl'e performance criteria and benchmakk unde: the PRGFl .prb#am'' '!''è: ' :' . ' !à E '. . .' , .E . ' ' 'EI , . ..: ' . ' : ' l ! ; ' ' . ' , . .w . r $ I . . ' . J u n - Q 4 D e t . m b 4 r 2 Q Q 4 * M * i @ h 2 Q Q 5 * * J u n 4 2 Q Q 5 * A c t u a I A c t u a I T a r 4 t Ac t e . I T . r . t Ac t u a l T : r . t ' Ave ra g e R : : e rv: M : n e y 9 0 .3 9 7 .T 9 3 :4 .a 9 3 .3 : 3 .9 9 3 .7 N F A o f th e C B K * * * ' 8. 1 5 g 2 9 7 4 4 ; 7 .3 7 3 .: : 9 .9 7 8 ' 7 ; . .' . ' . . . . . ' . ' . , . ' ' . ' ' . .i' J ( ! ( ( ) :; ).' .' .= ' ' . ( A' ' ' tël ' ' â '. ? yr jrq.'Et 1(.!.. 1. ë ' j ;.. ï jjk. . s y!' jjt ' ' ''I , L ' ' ' '.. ' d . ., .. : .... ! è . . : 7 # t ? i' '. . .# . . :y/$ : q., p . -. j , .- ,. . :. , ç,-1. jy :..),. ... .u' . r . )' . : , . . r . .. - '.rhlr' ((: ., - .L l,' , 1(, ! kq)i ,' . tk . ,!! : r ;'. . - t . ' ' , . . llilk 121 lrlkc lklk 1r1r12111 ll.lplk . . . . ., . . k .. . . . ? .; . ; .,.- . .:-., .:)., - ' t 1 ,) k.t' La. ': . . )i'.' : k $) yk;j. j .,i jy: . ' ., . .4;.; 4 , ;...,. .k t... j ?j' :y gy . s ' . , . . - . ; ky ., k, . . , - .;;, j,-$ . . .. y , ' .;)jpyy' : ,,' ,, r yj,(. .,,j.,jjt)..: y ) . ... . b.b yè(y pjy j .. j,,).y.ï. ., .. . : . . , $.p., . .t ! , ' . ' , ' . .,1' 'I' ilFl'dEh 1r*f& 1,,r,. 1;! trli 1;l 12, d;,1I.'1I tkill'll.l 1, ' . ' ; ;.,lr ', .';.:k.. , . % , ; . ) '). . ; , j , . - : , '- :),); ; lj :,, #k; ; y j , , . ,. .' ,j,j' ,d.'ë ., . , . . q;.àï, . ; ., a. ,;!(;; s,:(. ;p kj r),. gtlgj r4.r . .-,,,y ..:,.a . , j . , . . .$j ( j khjjjj!. ,, :. (qt, k f :!(; j: rj j, ;jj s ( . , . . , . , ., . . - ; ;:, , , ; $ , . . . . @*# Target adjllg'ted fbr :hortfall ln n:nprtdett. budget guppart onu 'eaw-' !u' prz#Aup:upn p J. w. w .-r; ' .,<K . ' ! :,':' ' 'h', ;j; , . r ,,yk ; j! j ,r,, ;; lj !y:z; j,,,j,; :. y ,, y , . . j , .. ., . ! , j . .y, . j , , ,j ; j y. ., . . , ., , r . , : j pj jigj k,ù r , ; j(,, ! .. ; : . ; : , ,. ' . t l ,.'; . , s.'.. .ib.'h:.. î) t. ' . ïr i.: :. . ' .'. k '1 ' .!;. . ., ;k;. .t yl .' ,E' . . . I I . . ... r , . I ' h . ,' .?: .., ' . & . . i r I'f!.! .j lyq: k. .. . , ,k , . .;. : k . . . . . j' . - . . , '; ë .'; . . . . sr L.. ).' .7 , ' ...â.s. ' . , .; . . 7 . . J. .téi ' . , - ; . . k .. .. . , . ; .. . .' L . ' . - -,r. ,? ,:) '. .j ..t: , .,... . . , ,. - . . . . u . , kli)t,)i illr lr.: 1;, .. dr:z'4a 1,r< kr kl!ph lrlr 1,11 kli7 1:4:/ kIdI7di, lrls,)pp drll . - . . ' . .' r 7't'. '. f.; , qj--'r7'.k ' ' ' . : j '. ' j'g jj jj'.r:j jr E.. kk'-, -' y:'j:y'.,g' j!;k'y ;:.. s . y - ' ki- kjt ;' tçrr .'' ,, '..'t . .' y,.g, gj, . , - .. j ,,y' 7..'k. j. , .!E?'ë. L. - ' . . - ., , )( q' -yf. . .! i' < $ , jg !,) -.24,j.6 'j: s(q . ji..j'.j, ? - , .. , ' . . .i ., . ' - . ,g..,. ) . ') ' . j , . - , q. , . . : . . . . , .. jt g t. , ; . ;j ,j;. j y j.j j. ! ...kr )y. ! t j .,j y r1l( j.;;. tjsjy y. ; j. . ,!g:t k , , y, , N jy>ejj., r;.g. y; yy, ;q; j.y j,,, .. .j y , u (j ., . j . . s ,:. t.;, ty y ,.. ,.; f .y y. , y . yy . j , t . y , y y .. jjg,.., sj x p . y t, ,$, j gj .; jj zy $, ; . ,, . . , . ,, ( g ,. . . ! '. , . : T.t . ;. . , , ( ,r j:. .i . ' . . t ' .,, . t I '., . w.. .s, q; ,;I . .t ... . ' $ ,ç.j y y.:: .!, .:,. ( .. , ;.,,; y. j , , , ) s j y jg k) .j jyj, r .(; r, , .j . ,. , . ., . (yj g ,. jj ,.. j . , y , ,. Reserve Afoney Pronram While the reserve money target for December 2004 was m' issed by a substantial margin , the outturn for subsequent target in March and June 2005 quarters were broadly observed. In June 2005, the Bank achieved reserve money of Ksh 93.9 billion compared with th: targtt of Ksh 93.7 billicn. The zxcess was in currency outside banks, which re ordinarily difscult to immediately withdraw. nis can only b: achieved over a long time with 'the public reducing their currency holdings 'in favour of deposits. Net ./ilrefga assets of t/le CBK . The target for the NFA of the Central Bank, adjuste for shortfalls in conproject budget support and external privatisation procee s, was a/ieved in a11 the quarters in 2004/05, NFA of CBK was above target by Ksh 8.6 billion in Decembey 2004, Ksh 4,1 billion in Marçh 2005 and Ksb 1 l .2 billion in June 2005. ' ' ' Liquidity manaaement Implementation of monetary policy was effected by the Bank through monitoring developments in reserve money on a daily basis. Cumulative deviations in reserve money relative to monthly targets were used to kuid: tla daily open market operations (OMO). The OMO dzsk undertoo ,k the desired policy actions through REPOS when w' ithdrawing liquidity or reverse REPOS when injecting liquidity. As shown in the Table 2, S total ol Ksb l50 billion was posted 1or mop up in December 2004 but only Ksh 65 billion was realized, resulting in a shortfall of Ksh 87 billion. ln March 2005, the Bank posted Ksh 1 14 billion but realised Ksh 73 billion with a shortfall of about Ksh 40 billion. Signiticant success was, lzowever, achieved in 'June 2005 where Ksh 128 billion was realised against a posted amount of Ksh 151 billion, representing a shortfall of Ksh 23 billion. ' Table 2: Opep Market Operation Dec 2004 . Jtm 2005 (Ksh billioy) , * A m o u n t A m o u n t s h o r t f a I I p o s t e d r e a I i z e d D e c - 0 4 ' 1 5 0 6 5 8 7 . M a r - 0 5 1 1 3 , 5 7 3 . 1 4 0 . 4 J tl n - 0 5 1 5 0 . 5 1 2 7 . 7 2 2 . 8 kurce, *p/ raI A?* of rfep- k'a . ' ' ' '' '' '' ' The Bank continued to face challenges in projecting daily liquidity due to difficulties in forccasting cash flow of Govenlment cperaions. It is-expected that liquidity forecasting will improve in the months ahead as the Government émplements a more robust cash flow forecasting procedure. REcExr Ecoxour DEvEuopsux'r There have been a number of macroeconorrdc developments of slgnificance for monetary policy since the publication of the last Monetary Policy Statement in December 2004. . * New revised GDP numberg indicated stronger than envisaged economic performance With real GDP .growth estimated at 4.6 percent in financial year 2004/05 compared with the projected-z.7 percent. ' Inflation remained high, despite the tight monetayy policy stance maintained since December 2004. Much of the increase in inflation coùtinued to refject. oil aud food price shocks that werç not amenable to underlying monetary conditions. * 'ne Govcrnment made net repayment to the banking system as 'opposed to the programmed domestic borrowing of 2.5 percent of GDP. Gross ofr-i .ia! international reserves in. terms of import cover remained more or less the same as the previogs year's level of 3 months, despite the robust performance of the export sector and capital inflows occasioned by relatively high interest rates. Domestic Environntent The Kenyan economy, olz the basis of the new System pf National Accounts (1993 SNA), expinded by 4.3 percent in 2004 compared with 2.8 pewcent ip 2t')03 (Chart l). The recovery in economic activity was mainly in tourism and transp'ort and communicatiops sectors, which rew by l 5. l pfvzklent and 9.7 percent, respectively. Manufacturing, trade, and building and cbnstruction' , also performed well, expandingg by 4.1 purcenty 9.5 percent and 3.5 percent, respectively. Significant growth in the export sector activities came from horticulture (13.2 perceutl.aud tea (1û.5 percerftl.. Economic growth was also supported by significant expansion of credit to productive sectors occasioned by affordable interest rates ::nd growth in the world economy. Chart 1: Rettl GDP glzawtlï (2000 - 2004) . . '' , .' . . ' G . es . .--. .-a.--------.--------*-------------- -------- * ------.--------------------------------------------z----------------'------------------------- f. ' . -A a-a AY -f$ --.'-- & . .. .. ''q * '* 7j . .. e xl zs j--- .----------------s---------- ---.------.------------------------------- -------------- ---------- q . & . ' 4 - -.. o'.a t:l & ' . . C7 k > ---- -- . . Xooo Oooa Rooc - Oooe Xooo Ye a raSource . . Central Bank of Kenya ' . ' .. . 'i Indications are that recovery in econbmic activity cohtinued over the first t'ive rrionths of 2005. Tourist arrivals by air and sea remained robust, growing by 31 percent, while .coffee production expanded by 31 perçent compared with a decline of 6.6 percent in a corresponding period in 2004. Output of selected manufactures, namely beer .and cigarettes grew by 23 percent and 25 percent, while soda ash and processe'd milk expanded by 5 percent and l 0 percent, rtspectively. erhe strong economic performance was reflected in increased demand for utilities, particularly energy services. The consumption of electricity and fuel expanded by 7.4 percent and 1 8. 1 p'ercent, respectively, with large consumption coming from the manufacturing sectors. Meanwhile, imports of capital goods, namely crude materialg, transpgrt, machinery and chemical products grew by 32.7 percent, l 3.2 percent and 36 percent, resj ectively. ln transport related services, cargo handled through the Port of Mombasa and fuel cargo transported by the Kenya Pipeline Company ' ded by l 1.2 percent and 14.7 percent respectively, in the first five months of the year. ln the comihunications sector, excise 'dutyexpan , - on airtime services increased to Ksh l .3 billion in the fir'st live months of 2005 from Ksh 1 billion in a corresponding period in 2004. There was also good performance in the constructkoll sector, with cement consumption expanding by 9.3 percent co' mpared with 7.9 pervent in the corresponding period of 2004. . - 2nd September, 2005 THE KENYA GVETTE 1881 Credit to the. private sector has also' continued to support consumer demand and investment in the economy. Credit to the private sector expanded by 20.9 percent in the year to June 2005, up from 12.3 'percent in the year to June 2004. Significant growth in credit to the productive sectors of the econom) such as manufacturing (26.2 percent), transport and c'ommunication (38.7 percent) and building and construction (21 .9 p'ercent) was recorded in the year to June 2005. Bilsinesses have generally been bullish about economic prospectsr wjth optimism that constraints to public investment occasioned by slow pace of execution of the development budget will be addressed. Performance in the stock market also responded >nd pointed to improved economic performance. 'rhe Nairobi Stock Bxchange (NSE) activity improved in the 2004/2005 tinancial year with the NSE 20 Share Index increasing f'rom 2640 in June 2004 to 3972 by Jun: 2005 (Chart 2). Much of the increase was recor' ded in the Iast quarter of tlze financial year following the release of economic data indicating stronger than anticipated economic growth and a favourable outlook for 2005. Market turnover incrcased from Ksh 1.3 billion to Ksh 3.8 billion in June 2005. Increased volume of shares traded, coupled w' ith increaàe in share price for most stocks , contributed to increased turnover and rise in the NSE 20 share index. chart 2: NsE Index (June zetl3 - June zees) . . ,.ï' -.., ,'....t -, . . , '.. .. :, . . ., . a.. . '? .',. .-... . ... :j t$ () () ..,....... ....... ....-.- -............... .-. .... . -. ....-.- -...... -- ..-.-.......-.............. * --... ...... - -..-..-.....- - -. -. --..-.-- -. - - -.- -..- -.... - -.-. -e....- --- .... --.----.-. yn.--. -....--- - -.. . --.--. - - --. - ------. ) () () ; -.- .---.-------. -- , - .j - - . S : > # : t: ' t' : ': y 4 K. 4. ! .I' ! e. J ' j k 'i li ). 4. := < o = (! = u. x x g -> fp u- x x g l zonz zon. , zocs .. . . ' . ' 6 . . ! 1 tjljl ' t . .7 v e t./ ' ' h ;'F E .r/ .s.: g ' . : . 7;.V.. ï: .69 ' '' t .; *' ' . ' FSource: Central Bank (TAkilyfl . ' ,'ï5 ' . .. : 7 ,. ;ij't.!o... .. ..'. , ' . r '. a . . .h. S The positive impact of the favourable long rains, to a recovery in agriculture and its related sectors period. in contrast with of the economy. the droughts experienced in the In turn these will drive the country over the last five years will lead overall economic growth in the forcasted lnflation 'rhe lz-month overall inflation, Which had eased to 5.9 percent in Jun! 2004, rose to 19 percent in September 2004 before declining to l l .9. percent in June 2005 (Chjtrt'3' ). Sharp pick .up in overall inflation during the third quartrr of 2004 reflected increased prices ofbasic . foods following shortialls in supply particularly vegetablls occasioned by the adverse effects of drought. Similarly, high prices of crude oi1 in the international market 'exerted additional inflationary pressures. 'I'ht onset of short rains 'in November 2004 aad long rains in April 2005 helped improve supplies of basic food items, 'resul. ting in a gradual easlng of ovbrall inflation to 1 1.9 percent by June 2005. Chart 3: lz-months innation (Jun'03 - ' Jun'05) '' ' . . . '' '. ' ''' ' z ' î tz.f' . . ,'. .. , . j. . ... . à 1 1$ (à - . 1 6 . o . - ' - '1 zl . () -- 1 * O ? @ r @ I I 1 .k () - - ! ' .-. 1 11 f 1 . 1 I o p 1 . . F t' @ ë1 () () - ---- - -z . !. a () '. o v , : a j j 6 . (1 ' -- j o f 1 @ ' j I p rj o g o !L . ' 4 () ' --....- - -- F @ (à : C$ t ' : : f Q # 4 2 . 9 - M. . o v g r a ' 1 l 0 . Q j y j ( j , j j o rk , i () Ijt jjj i'i' jj jj 1$k; . jjp 1$1$ ' qj t' ,yj . . !j 'rj. v,, ao .%3 .. i,lr ctz' , x,j ,, r;p N,y ys' lkm < < %z œ P W f b ' 'X ' 1 m @ Source: Ce/llml Bureau o Isftzfiec.K ' . . ' ' ' ' ' '' The 1 z-month underlying inflation, measured as overall inflation excluding food, energy and transport prices, rosç steadily to reach 6.4 pcrcent in May 2005 before easing to 5.8 percent in June. Tq some extent the recent resurgence in underlying inflation is partly attributed to more than programmed expansion in 'money supply. Some of the shocks originating from food. oi1 and transportation prices influenced underlying inflation. as the method ùsed to derive the vmeasure does not completely isolate the temporary factors. Even. then, the stability of the shilling exchange rate helped r:duce inflationary pressures emanating from persistently rising internalional eil prices. Fiscpl Developnlent Government fiscal operations in the 2004/05 financial year resulted in a net domestic debt repayment to the banking sector of 0.3 percent of GDP instead of programmed domesti'c borrowing qf 2.3 percent of GDP. The outcome reflectsd a tight tiscal policy stance in the face of delayed disbursement of donor budgetary support and difficulties, particularly in the tirst half of tht financial year, in s' ourcing funds domestically to tinance the budget. ' - The budget surplus, on a commitment basis, amounted to 0.3 percent of GDP compared with a target deficit of 2.6 percent of GDP, while on a cash basis, the deficit amounted to 0, 1 percent öf GDP compared with programmed deficit of 2.6 percent. The good performance rcflected improvcd tax rcccints and lovzer than budceted sxnenditure, Tax revenues improved dBe to improved tax administration ITICaSIIVCS, illcreascd C0rPOr11tC Profits followillg recovery in ec . onomic activity, and positive response to tax amnesty offered to Previous default'ers . The tax amnesty, for instance, netted revenues amounting to about 0.3 Ptrcent of GDP. MeanWhile, expenditures lagged behikd dtle *tO dclayed' implementation of procurement meésures and slow aàsorption Of donor project disbursem/nts. Money and Credit Broad money supply, M3XI, txpanded by 1 1.3 percent in tht yearxto June 2005 compared with 12.9 percent in the year to June 2004 ànd .. 1.4.5 percent in the year to September 2004 (Table 3). While this expansion of M3X represented a deceleration, it was, howeverz above the 7.5 percent June 2005 target by some .4 percentage points. Vuih of the increase in broad money contnued to be supported by strong expansion in credit to the privatè sector, which grew by 20.9 percent in the year to June 2005 compared with 12.3 percent in a similar period in 2004. . l . . . .. g. ... ; r; y( : ; . . . . , : ' L). r' ' ! : . '' . . 5Tablk 31 Annual Grovth Qntes in Broad Morj éfàry,apd Clietlt àgjrijgies (%) , ., , :. ) g y : : ' gr R : e e r v : M () n e . M 3 X B a ' n k C r e d I t G e v à r n ' .' - A c t u a I T a r e t A c t u a i T a r : t P r I v 'a t e m e n t 2 0 0 4 : vl u n ' 5 , 5 - 5 , 4 1 2 . 9 ' 7 . 1 1 2 . 3 9 .' 9 S 9 8 9 8 1 4 5 1 4 . 3 1 9 . 4 4 , 6@ . , . . , D e c 1 5 . 5 6 . 2 1 3 . 2 B . 9 2 5 . 1 - l ' ( 2 () 0 5 : J a n 1 3 ,. 5 7 . 7 1 2 . 8 8 : 8 2 3 . 1 - 5 , 9 ' F e b 1 1 . 5. 7 . 7 1 3 , 3 8 , : * : 2 4 . 4 - 7 . 7 . ' M a r 8 , 2 7 . 7 1 3 . 4 8 , 8 2 5 . 1 - 6 . 1 A r 7 . 1 3 . 8 . 1 2 . 2 7 . 5 2 4 , 4 - 1 5 . 6 M a 4 . 1 . 3 . 8 1 1 . 1 7 . 5 2 3 , 2 - 1 2 , 6 . J tl n ' 4 , 8 3 . 8 1 1 . 3 7 . 5 2 Q , 9 - 1 7 . 8 . Sourèe: Cenlr/l Bank of fzAlytl . . l ' ' ! ! . ' ' . . , . . ' . Credit tn the private sector increased i-rom 12.3 percent in June 2004 to 25.7 percent in Decemb:r, before easing to 20.9 percent in June 2005. Loans to private households expanded at a strong pace (60 percept) tiollowing the dtcline in interest rates and increased competition amongst commercial banks to lend to the private sector. Substantial credit tc private sector was alsc evident in trade, traùspol't and communication, and manufacturing = a refltction of improved economic activity in recent months. . Meanwhif, banking system credit to Government declined to 17.8 percent itt June 2005 ccmpared with 9.9 ptrcent inçrease a. year earlier, The decline reflected reduced domestic borrowing by the governmekt with tight fij'cal policy and difficulties from sourcing funds domejtically, Interest Rate Developments Interest rates continued to be màrket-determined. The 91 -day Treaiury bill rate, which had declinzd to' b'elow 1 percent in .september 2003, rose to about 8 percent in Dtcember 2004 before stakilising at 8,5 percent through Jtme 2605. The rapid intrease in the 91-day Treasury bill , Jate in the last quarttr cf 2004 reflected speculative tendencies in the auction. market occasioned by fears of the domestic borrowing .rtquired to' finance the budget and pronouncemznts to the effect that interlst rates were expected to move upwards to a. particular level. Since the beginning of 2005, calm has been restored in' the auction market for government securities enabling the Govtrnment to easily access, dpmestic funds. At 'the same time, thzre was renewed interist in lcng-dated Government securities with the auction witnessing ovrrsubscripticn for most of the floated bonds. Sttong revenu: performancç also enabled the Government to smoothen out erratic movement in interest rates as the market discovered the new equilibrium. ' On the 'shorter end of the money market, the REPO and' interbank rates rose concomitantly 'with the 91-day Treasury bill rates mainly '- ' i ion of the reserve mdncy targets in Decemberreflecting the tighttning of liquidit? in thy banking system following the downward rov s . j j ' ' ' '. ' . j .y. . ; . . ' j .! 1 j S ! j rq yç( ..'. .' ?) ' ' . r'' ' ? ,Chart 4: Interest Rates (Jun 03 . Jun 0S) . ' j . -..;i , , . ,yl'tr., . ,' ' k ,r :')...' ..it,$i.),'.,', . .2 ' , ..r - . ))t. ...t;k) 7 ; r;,s,,. . . 1 6 , 0 '>. - j j , tj ..... .......... ' . . . . . . . . j j j l r y j j ' û . (1 . .1 . 0 . *- l @ e l . * @ i'7 ' ''î . . : 4 y ; 1 l $ r b t .1 . 0 .,. .. ... ......,.. . 0 . 0 1 l j ! I 1 1 l l l 1 '4 $ sourcq: Ce?llm1 Bqnk @x/Aknyfl . . . ' . . . . E 'r7 . E . ' . L t ; . ., ..,' ' M3x comprises cunvncy outsiue b.nks, uemanu urposits ana umé anu savings u,posit. (incluaing tnreign cunvncy deposits of residenfs) witb th: gnancial system. Monetary policy ha$ focvsed on the bthaviour of the broader monztary aggregat: ratlxr than M3, mainly due to th: gtable rel:tionship with nnrninal ectmomlc actlvity. 2004. 'The tightening of monetary policy was occasioned by the rapid monetarh expansion mainly in credit to private sector, whicà threateùed to fuel inflationary expectations at the time whzn inflation had rijen 'to dotble digit l:9e1 due 'to rising oi1 prices and adverse impact cf drought en food pricis. Commefcial banks' lending rates, which had declined to about 12 percent rgse marginally towards the. end of 2004 in tandem with the increasi in short-term money market interest 'rates. Deposit rates also adjusted upwards marginally, leaving lending-deposit margins more or less unchanged. There is evidence that commercial banks' interest tates are. still influenced by strucmral inefficiencies in the banking system, in' spite of the relative declin: in the level of non-performing loans. With overall inflation remaining high, interest rates were negative in real terms in 2004/05 (Chart 5), But compared with underlying inflation, the real rates have bten positive since December 2004. The .bank continued to provide thô neceslary 'information on recent trends in economic and finencial indicators to enable market participants make infgrmed decisickns, This was accomplished thrcugh th4 regular Weekly Bulletins, Monthly Economic Reviews, Statistical Bulletins and Annual Repcrts published by the Bank, as well as Governor's speeches jand Press Matements. ' ' Chart 5: Real yield en 91-day Treasury Bill Qnte ,- ., . ,.k : t'p,r ' n' r...g .ktt-.'?.;,;'.. . ;;').t:!t.> ' v 44:.. .' ' ).'>>:? ri.j'. ''p-!.'.-'>)1..6?it??.' :''- 'r;'.' qè'. . . ' , u. ' , : ' '' . . , r,. ' ' F? () :) l àr l (, I cl () r1 tl r) fj f, r I lr i rl () -- , ' ë . .5 () --. - ..-. -. ;j K . I 0 Q ' ---- '------ ' R e a 1 v I .e j d o v e r a l 1 ' E M M M 4 4 4 4 j 4 j . '1 #' ! xk -,9 ! 1 .- 1 -- ! . ' ... ... . . . .. . . .; Source: Central Bank ofKenya . : ' . .. ?1 - ' '.,'.k. 7'. ''; ,' . è' ' C . , X. ' . . . . . . ' . . . Excltange Rate Developments The Bank maiutained marktt-determined exchange rate. CBK partidpatiou in the. market was limited to smoothing short-tçrm txcessivt volatility, effecting external debt payments and maintaining the target for net international reserves. ' The shilling depreciated against the US dollar in August/septembet 2004 to a low of Ksh 82 per US dollar. nis follcwed fears of increased 6ill due to increased oil price and food imports to mitigate the snpply sho' rtagedemand for foreign cnrrency to cover the rising import i d b drought. There waj also the speculation that delayed donor inflows for budgetary support would pu' t pressure on theoccas one y cxchange rate. The Bank in'tervened to mitigate !he sharp drop in the shilling exchange rat: as speculators' cashed in on these factors ''to intluknce 'the market in their favour. The positive assessment of the economy by the IMF on the conclusion of PRQF Review in September 2004. strong foreign exchange receipts from key exports including tourism, tea and hqrticulture, and reversal of capital outflows folloWing the increase in interest rates towards the end of 2004 helped the shilling to strengthen. By mid-sfarch 2005, the shilling had strengthened to Ksh 73 to th1 IJS dollar, nereafter, the shilling weakened.to stabilize at Ksh 76 by June 2005 following moderate corporate demapd for foreign exchange and strong' purchases by the Central Bank. Against the other major international currencies, -notably, the Sterling pound, the Euro and the Japanese' Yen, the shiliing traded at Ksh 139.5, Ksh .93.2 and Kstl 70.6 in June 2005, respectivçly, compartd witll Ksh 144.8, 96.1 and 76.4 in June 2ûQ4. T his reprtsents 3.7 - percent strengthening against the Sterling 'poupd, 3.0 percent against 'the Euro and 2 .5 percent against the Japanese yen compared with a wiakening of 18,2 percent, 1 l .7 percent and l6, 1 percent over the previous year to June 2004. The strengthening of the Kenya shilling against these currencies reflected the weakening of these currencies agbinst the US dollar in the international currenqy rliarket. ' . . . Reflectihg these developmepts, the trade-weighted nominal effective exchange rate appreciated by 4.7 percent by June 2005 compared with a depreciation .of 1 l ,5 percent in. .lune 2004 (Chart 6), In real effective tenns, the exchange rate had appreciated 'by 13.6 percent in lune 2005 compâre'd witiz a depreciatioa of 8 percent itl June 2004, rethctillg the relatively higll domestic inflatioh tllan that of Kenya' s major trading parfners. . ' Bxternal Environlnent The world economy grew by 4.# percent in 2004/05, up from 3.5 percent in the previous year. Strong growth came from the United States and China, bolstered by rising productivity in the éase of the former and infrastructure investment in th4 case of the latter. The global ; recovery during the .year .was, however, subdued by the surge ln oil prices. ' Kenja's eqports performed well in 2004/05 as export earningj grew by about 19.8 percent. Much bf the increas'e came from tea and horticulture exports, which rose by 5 percent and 1 3.3 percent, respectively. Tourism earnings increased by 25 percent in 2004/05 following improved marketing and higher incomes in sourc: countries, especially in Europe, Xsia and America. Imports tncreased by' about 25 percent in the year to June 2005, due to rising oil prices and recovery in domestic economic activity. The ' value of oil imports. rose by about :j0 percent. Consequently, the current account descit deteriorated to 4.7. percent of GDP in 2004/05 from 1 .4 percent of GDP in 2003/04, reflecting the combined effect of increased domestic activity and the weakening of the terms of trade. . . . . . . w , .. ) k ) h ) : ; ), ' . . ' p . .': t.tj' . j.Tt' i ts ' s;' ) ;.j .. k ' ' . .Chart 6: Norminal & Real Etrective Exchange Rate (Jan'oo * Jun!05) Uanualz 2 (j(*.* 190/ '' f ' 'Jtlpfs/ir/' ? 'Yhtts ; .' ','' ?''>q '' '''' TbY''itl ' : ' 17**;, ''' k'l.. f -' ' . .' . ' ' ' t' ' . . ' ' JilzpL a . ' ' Y ( y4:!.'t5A.. $t1 Fù2tt''.' ' t à/ $:'. tltt t tk). PJ reb.s..' tl', qycy'ptftvywm t &élk.i.m? '$>$@ dt/tl): 'tqpjkt ' . vs. rx' . ..t )' ;. '. :y . rqt.. . o' . . .' . t. .z. .. ... J x r. . . .' .. ; ' $4 ( . . ' 7k-. k$ 11 L' 2 xj jk . . . r . ' . L . . !t ; . . ; ' ' (.. ' ' ' . . x . ' ' . . . (an lncrease represents an appreclatlon) . r . . $,v...' .. .. '. .' ' ' v..',z , . r. ' . . .;'. s . I .Q .0 ' * l 3 0 0 ' ' - - * -t ' R rx a I !:: f f o c t i v ta ' ' t ) a g , : - ..-- -. .--...- . . --. - -- l () () --- - -----' ---- ' I 1 0 0 0 - --'' --- ' ' - - < o m I n a I : f t * c ' l v * E x c t) a n q e R a t * : . :() -() - 7 0() -@ U ' ' ' ', ( .0 -0 - : t) 0 ' ' '''-'' ' 1 , J 11 11 J u u N o v A p r S 1 p F e b J B I D : c M : y O ç $ M a r A u g J a n J q , ' ' c I # k K ' ' '' .' ' . '' .. ' . , - .SOurCe. e/lfrl Gn @ .J enp . . . . . IV . OtrrLoox !'oR 2005/06 Macroeconomic Strategy ' The macroeconomic framework underpinning the Governmentls economic recovery strategy aimv at: . Sustaining the economic growth momentum, particularly raising real GDP growth to 5 percent in, 2005/06 from 4.6 petcent in 2004/05) (Appendix Table 1); Bringing down inflation to the 5 percent' range by end-lune 2006; Keeping net domestic borrowing of the Government to no more than 1.8 percent of GDP in 2005/06; and lncreasing official international reserves from 2,9 months- of import covtr' in 2004/05 to 3.1 mtpths of import cover in 2005/ 06, as a cushion against external shocks. Economic recovery is expected to sustain its upward trend with real GDP projected to reach 5 percent by June 2006, up from 4.6 percent in 2004/05. Activity in the sectors that performed well i'n 2004/05 , namely, tourism, manufacturing, transport and communication is expected to kncrease further coupled with a rebound kn agriculture following favourable weatller conditions. Procurement and fiscal reforms' are al.so expected to increase growth by boosting public a' nd private investment. Tbere is already evidence that businesses are bullish in their growth prospects for 2005/06. On the global scene, the world economy is expected to experience moderate growth after an inipressive performance in 2004. World economy is forecast at 4.4 percent in 2005/06 compared with 4.7 percent in 2004/05. The modepte growth prospects f&r world economy continu'e to be. thrcatened by rising oi1 prices, There are, however, better prospects in the regional scene. Resumption of peace in the horn of Africa and ongoing implementation of the Common External Tariff in the East Africa Community as well as the robust 'growth in Kenya's COMESA trading partners are expected to promote export led growth. Ipflation Apprppriate monetary policy stance, improved weather conditions and a stable shilling exchange rate have helped reduce inflationary pressures to 1 l .9 percent in June 2:05 from a peak of 19 percent in September 2004. It is expected that food inflation will continue to ease in the nionths ahead with favourable weather conditions. This cou' pled with strong export receipts and tlie relatively high interest rates will keep the exchange rate stable and htlp reduce imported inflatidn, thereby favouring a continued decline in inflation. The major risk to the inflation outlook, however, remains the persistent high oi1 prices, which could make the atzainmrnt of the 5 percent inflation by June 2006 elusive. It is therefore vital that monetary policy continues to guard against any slippages that may worsen these risks to inflation; otherwise expectations could become entrenched even if underlying' inflation were . to be bilow target. It is with this regard that the Central Bank has found it necessary to continue with a tigbt monetary policy stance over thç next one year to June 2006, Motletary Policy Stance ./b# 2005/06 . . . . . . ) , . . , . 't Taue 4: Growth targets orMouetary Aggregates or znas/l)u . . .s, . ,..,c,.,.k,. ; xtttillltitt' ',;k.'. E. .''''!',. .. :.''''' ''..'t,- ,C'.t, .' ' J u n ' () 5 s e p ' 0 5 D e c ' 0 5 M a r ' 0 6 , J u n ' Q 6 A c t . P r o ' . P r o - . P r o . P r o . . R e s e r v e m o n e 9 4 , 5 9 6 . 3 1 Q 1 . 6 9 7 . 8 9 9 . 3 . ' N F A o f C B K 9 5 . 7 9 4 . 5 9 5 . 1 9 8 . 6 1 0 2 . 9 M e m o /' t e m s ( A n n u a l p e r c e n t a e c h a n e . R e a I G D P 4 , 6 . 5 l p f l a t i o n 1 1 . 9 : .. .' 5 M 3 X 1 1 . 3 9 . 8 8 . 4 6 . 8 7 . 8 P r i v a t e : e c t o r c r e d i t 2 0 . 6 1 6 . 2 1 2 . 7 9 . 4 1 0 , 1 . R e s 'e r v e m o n e y . 4 . 8 I . 1 0 . 6 4 . 4 5 . 0 'dik v k . . , k - . l ' . , ' ' .. f'fc: ' f' 7 . - . ' .. ' t '.' ' C . . ( - ': -.'.. .-.; . f. (. '. j)i.. . .'. -L!:,' ( r . '.- .q ), .' . ' .. . . , . ' - 7l:y-j).'..: ;. . . . ' . . '. - ' q- C -. g;.k,. .. b'.31,.kL. 9:t'' ' èii . ' - '61: ' . ' . . . ; . .Source: Central Bank o.fAka-w . ' . , ', ' .. '. , . . . ) . ., . , ; ; !,, .,(Ej.I..aE.! , . . .' , . . r; . , , . ' . . . The reserve mimey program outlined in Table '4 and Appendix Table 2 represents the stance that the Central Bank has sadopted for the 0ne year to June 2006 to ensufe inflation is brought to target by June 2006. ln implementing the program set out above, the principal mondary policy.objective of the Bank will continue to aim at 5 percent inflation target to ensure macroeconomic stability, while supporting the broad macroeconomic objectives of tlle Government. The infl>tion objective will be pursued 'through reserve money targeting, with broad money (M3X) as the intermediate target and open market operations as the main instrument. M3X is targeted to grow by 7.8 percent in 2005/06, consistent with tlle forecast increase in economic activity and the appropriate tightening to bring inflation to target. By lowering inflation and thereby stable positive real interest rales during the period, bank credit to the privàte sector is expected to grow by about 10.1 percent to support increased economic activity, Alongside open market operations, the Bank will continue lo use the other instruments outlined earlier. It continued to use a broad set of indicators to monitor inflationary pressures and to gauge the appropriateness . ' of the lponetary policy stance. Under epen market operations, the Bank will withdraw, on a timely basis, any exctss liquidity. The Bank will continue to implement a market-driven exchange rate system, participating in the foreign exchange market only to mtet its net foreign assets target and to smooth disruptive short-term fluctuations. V. Coxcl-usloN Tllis Statement has reviewed recent economic developinent and implcmentation oî monetary policy since the last Statement in December 2004. As indicated in the review, the ccenomy performed well in 2004/05, with real GDP growth estimated at 4.6 percent. ne impressive performance followed a favourable world cconomy and recovery in domestic activity. The recovery is exptcted to gain momentum, with ' real GDP projected fo grow ly 5 percent in 2005/06, as sectors that performed well in 2004/05 are expected to improve further.. Exports are expected to continue performing with strong growth in the world economy and increased regional market. ' 2nd September, 2005 THE KENYA GAZEWE 1885 Inflationàry pressures that emerged eafly in the financial year have sturted easiég, with reduced food prices following improved food suppties. 'Fhe strong export receipts and' the relatively high interest rates continued to keep the exchange rate stable and have helped redu'ce imported inflation. The risk to inflation outlook remains the persistently high oil prices, which threaten to delay the lowering of inflation to the 5 percent target by June 2006. The persistence of high inflatioa, which partly reflects high oil prices and partly more than programmed expansion in credit .to-priyaute sector, could be compounded by expectations being eatrenched. In order to keep inflation undtr contrèl, the CBK will conunue.with a tight ' monetary policy stance over the next one year to tlune 2006. The reserve money program outlined earlier provides the tightening to be effected over 2005/06 to bring inflation to target by June 2006. . Although the monetary program missed to achieve the desired reservt money target-in December, significant progress was made and subsequent March aad June 2005 targets were broadly observed. Nût foreign assets targets were achieved throughout the period. In F'Y 2005/06, monetary policy operations will be gearcd tpwards achieving the targets indicated for reserve money with' open market ' %. v '- -operations (through sale and purchase of REPOs) as the maln.. xinstrument. As was the case before, the Bank will continue to use a wide range of indicators to monitor in'flationary pressures and to gauge the appropriateness of the monetary policy stance. '' APPENDICI ES , . . . . ' i ' 1( ). ! . ' . . . , . ' .. ' . ' ' r . r '. . . . r L.' . . h t'. , . '.)'.Appendix Table 1: (M eduim-rfvrm (Macroeconomic framqwoyk, 20 . 94/0jjràQQ7/04 ..y .J'k()'jj(' 'tjg .4-c.'( . .-jjL;;'j), tyyjj yy( tï,'jzyy.j,y,ltk .;'(,(., ;. yjt,,r(zkk'.y'q? .. ryj; )r .)r 4). ( . j, : , .c ,. ,. . , :, j.: ' . .r ' . ! ht s . . ' )è j . . . 6 ' '' ). ) . . ' 11 . . . . . . . ! 7 . ? 11 . . . . '. :.l ' ' t 2 0 0 4 I 0 6 2 0 0 5 I 0 6 2 0 0 6 l 0 7 2 0 0 7 I 0 8 . '') . ) j R e a l S e c t o r E.' )' , jN o m I n a l G D P , K S h ' b i I l i o n , 3 6 2 1 , 5 3 6 1 , 7 1 3 1 , 9 0 1 ''' . R e a I G D P g r o w t h 4 . 3 4 . 9 5 . 2 5 . 4 . .. C P I i n f l a t i o n ( e n d o f p e r i o d ) 1 5 . 3 7 . 6 4 . 2 3 . 5 . S a v i n g s / G D P ' 1 4 . 2 1 4 . 1 1 4 . 8 1 6 . 6 t(,'). j r, ,j1 n v e s t m e n t / G D P 1 8 , 9 2 0 . 1 2 0 . 6 2 Q . 9 lt E x t e r n a I S e () t o r . ' C u r r e n t A c . c o u n t ( % o f G D P ) - 1 . 3 - 4 . 7 - 5 . 7 - 6 ' O v e r a I I b a l a n () e ( U S $ m i 1 l i o n ) - 1 1 9 - 9 1 - 1 7 6 4 ' ' O f f i c i a l r e s e r v e s ) U S $ ' m i 1 I i o n ' ) 1 ' , 5 5 5 1 , 7 2 3 1 , 7 3 0 1 , 8 5 0 . . M o n t h s o f i m p o r t c o v e r a g e . 2 . 9 3 . 1 3 . 1 3 . 2 .t ' . ' ! ' N P V o f e x t e r n a l d e b t r a t i o 2 1 . 3 2 0 . 4 1 9 . 3 1 8 . 4 M o n e y a n d C r e d i t ( A n n ti a I % c h a n g e ) N e t D o m e s t i c A s s, e t s 7 . 0 9 . 6 1 0 . 5 7 . 1 N e t C r e d i t t o G o M e r n . rn e n t - 1 9 . 3 6 . 8 4 . 6 4 . 'C r e d i t t o P r i v a t e S e () t o r 2 0 . 6 1 0 . 1 1 1 . 9 8 , 5 ' ' B r o a d M o n e y ( M 3 X ) ' 1 1 . 3 7 . 8 8 . 4 8 , 4 R e p e r v e M o.n e y 4 . 8 5 . 0 7 - 8 7 . 8 F i s c a I S e c t o r ( % o f G D P ) T o t a l R e v e n u e 2 1 . 5 2 1 . 1 2 0 . 9 2 0 . 6 :.( . ' . .' b ' !T o t a l e x p e n d i t u r e a n d n e t I e n d i n 2 2 . 1 2 6 . 7 2 5 2 3 . 9 : .;) r: O v e r a I I b a I a n c e , e x c l . g r a n t s - () . 6 - 5 . 6 - 4 . 2 - 3 . 3 . O v e. r a l I b a l a n ç e , i n G l . g r a n t s 0 . 4 - 3 . 4 - 2 . 7 - 2 . 6 7. r N e t d o m e s t i c b o r r o w i n g - 0 : 3 2 . 5 1 . d 1 . 3 * ' F i n a n G i n g g a p 0 0 . 4 0 0 T o t a I d o n o r s u (7 i t r a n t s & I o 1 . 5 4 . 9 ' 3 . 6 . 2 . 9 ' ' k Source.. ceafrcl hank o -t-Kenya ' . . ' i' . ' . t .s . - ' .E ) . 7 :- t .(,t'7 ; ej' ;' , :' .;i3 : ' )?:1-. C . '. . .'t': -' :;;' ,' . ' . ' . . ( ' ; ' . j' ) ? ,' lt ;jr j ' ' ' . y . . l '! ' .. .:' r.' ..$p) pjj gjt jj; . . ',.;'. 4j)'.2 4y . 'j xr ;' r ' +'; ï L . ( jr: ' ' ;1 ;@qy; . ,. ' :' y. (y r . $ r.. .. (àppendix Table 2: oepository corporations suiwey'zuaè ibdj.,ktqjùikt tiodctikilkdr lt %lpi , n jvvïf#j jj jqjhfl'i. ef/ :rf,$i) iùàl,eniib) : . . . . , . . . . . ; . -... .ë yj.-y ;.. , , )t , )t : ; .r, .. . jj k . :.3.2 j ), jy h ? ..q y ..: j. t .y ;:-( (. ; ,2y .;. y .t, yjjjt ; ..j .? ,r., . . ...... ;.. , ();. ,. . .. . . . . . . j . . . . ..... , . ; . 2 0 0 4 / û 5 2 û û 5 / 0 6 J u n - û 4* S e p - û 4 D e c - () 1 M a r - û 5 J u n - () 5 S e p - () 5 D : c - û 5 M a r - () 6 J u n - () 6 ' . ' . A c 1. A c 1. , x c t . A c t. . A c t. P r () /. P r 0 j. P r n J P r o j. c e n t r a 1 B a n k Q f K e rt y . ' .' . ' - - . N b t fo f e ig n a s s e ts 1 / 8 6 . 7 7. 0 , 0 8 9 , 4 8 1 . û 9 5 . ? 9 4 . 5 9 5 . 1 9 8 , 5 1 û 2 . 9 ' ' N e t d () m e s tic a s s e ts 3 . 6 1 0 . () 1 1 . 7 1 2 , ? - 1 ,'1 1 ,3 6 . 5 - û . 7 - 3 . 6 N : t d Q m e s tic c f e d it 1 1 . 2 1 4 . 3 1 2 . () 1 3 . () - 3 . 2 - 0 . 4 4 , 4 * - 2 . 9 - 5 . 8 0 th e r ite m s ( n e t) . - 7 . 7 - 4 , 3 - 6 , :$ - 5 , 4 2 . 1 2 . 1 2 . 2 2 . 2 2 . 2( R 8 s e r v e m 0 i e y ( R M ) 9 û . 2 2 9 . 9 1 0 1 . 1 9 3 . 7 û 4 . 6 9 $ . 1 1 û 1 , $ 9 '? .'8 9 @ .$ C tl r r e n c y ' t) u ts i 1 e b a n k s 5 5 . 7 5 5 . 1 6 2 . 7 5 3 . () 5 9 . 3 6 û , 4 ' 6 4 . 5 6 û . 2 6 1 , 7 B a n k r e s 6 f v e s 3 4 . 6 3 3 . 2 3 8 , 4 3 5 , 7 3 5 , 2 ' 7 5 . 9 2 7 . 1 3 7 . () 3 7 . 5 D e p () $ i t () r y C () r p (h r a t i (h n s N e t fo r e ig q a s s e ts 1 / ' 3 3 . 1 ' 2 7 . 2 3 7 . û 6 4 . 1 5 2 . 2 5 j . 9 5 2 . 4 5 1 . û 5 () . 4 R e s 6 r v e s ' 7 4 . 6 3 3 . 8 3 2 . 4 . 3 5 . I 3 5 , 2 3 5 , 9 3 7 . 1 7 7 . û . 3 7 . 5 C r e t it to C B K 6 . 1 5 . 2 7 . 0 4 . 2 1 () . 3 7 . 6 7 , û 1 0 . 3 1 7 . 7 ' N e t d o m Q s tic a s s e ts 3 4 3 . û 3 5 4 . 5 7 7 1 . .1 3 6 Q . 3 3 6 ê . 1 2 7 8 . 6 3 9 9 . 2 2 9 2 6 4 0.4 . 9: D o m e s tic c r e d it 4 $ 2 . 5 1 2 8 . 5 4 5 () . 2 4 5 4 , 2 4 5 9 . 2 4 6 9 . 9 4 9 4 . :3 4 9 4 . 0 5 û 2 . û ' d' 2 7 - 7 4 . 0 - 7 0 . 2 - 9 4 . 4 - 9 û . 1 -.0 1 , 4 '- 9 5 . 1 - 9 5 . 4 - û 7 , 10 th e r @te m s ( n e t) . - , T o ta I 1 e p () : hts 4 1 7 . 8 1 3 û , 4 . 4 5 () . 5 4 6 4 . 5 4 6 7 . 5 4 7 3 . 0 4 9 1 . 7 4 9 I . () 5 û 6. . 1 D : p o s its in s h iilin g s 3 5 1 . s 3 6 û , 9 7 6 9 . 9 2 7 6 . ê 3-8 7 . 1 7 9 1 . 3 4 û 'ï . 8 4 1 4 . 9 4 2 3 . 7 D e p 0 s its in fo r e ig n c u r r e p c y 6 6 1 6 0 , 5 '8 0 .6 2 7 . 5 2 4 . 4 2 2 .s 2 3 .9 ' 8 2 . 1 2 2 . 4 D q p (, : i t () ry C (f r p o r a t i ; n s S tl r v' e y N e t fo r e ig n a Ct s e ts 1 / 1 ! i . 3 1 1 7 . û . 1 2 6 . 3 1 4 5 , 1 1 4 8 . 4 1 4 6 , 4 1 1 7 . 5 1 4 9 . 6 1 5 3 . 2 N e t 1 () m e s tic a s s e ts 3 5 3 . 6 3 6 9 , 5 7 8 6 .8 7 7 7 , 3 3 7 8 . 3 ':$ 8 7 . 9 4 j) 8 . 7 4 û 8 . 2 4 1 4 . 6 D .0 m e s tic c r e t it 4 3 0 . û 4 4 7 . 3 4 7 2..2 4 7 7 . 1 4 6 6 . :$ 4 7 I . 1 5 () 1 , 6 5 û 1 . 4 5 t) 9 .5 e G () v e r n m e n t ( n e t) 1 2 (5 . 6 1 2 6 . û 1 3 1 . û 1 2 I . 2 1 1 2 . 3 1 1 4 , 9 1 1 6 . 9 1' 1 3 . 6 1 1 9 .9 R e s t o f th e e c () n () m y 2 9 3 . 4 3 1 1 . 8 . 3 4 1 . 7 3 5 0 . () 3 5 4 , () :$ 6 2 , 2 3 8 4 . 7 7 8 2 . 8 3 8 9 . 6 0 th e r ite m s ( n e t) - 7 6 . 3 - I 8 . 3 - 8 5 . 5 - ê 9 . 2 - 8 7 . 9 - 8 9 , 2 - 9 2 . 9 - 0. 7 . 2 - 9 4 . 9 4 7 3 . 4 5 2 6 . 3 5 6 7 . , M e m o r a n 1 tl m ite m s : . d ln P e r c'e n t o f ; n n u a l C h a n g e ) .. M 3 X. 1 2 . 9 1 4 , 5 1 3 . 2 1 3 , 4 1 1 , 3 9 . 8 3 . 4 6 . 8 7 . I R e s e r v e M () n e y 5 . 5 9 . 8 1 5 . 5 ' 8 1 2 4 3 7 . 1 û . s 4 . 4 ' ' 5 . û . . : C u r r e n c y t) u ts id e b a n #k s 1 2 , û 1 3 . 4 1 :$ . 0 5 . 0 6 , 6 7 . I 2 . û 4 , 8 4 . 1 D. () m e s tic c r e 1 it 1 2 . 8 1 4 . 9 1 s . ' 1 4 , 9 I . 3 6 . 1 5 . 9 5 . 1 9 . 2 G () v e r n m e n t ( n e t) 1 2 . () . 6 . 0 - 1 . () - 6 , 1 - 1 9 . 3 - 1 6 . 7 - 1 1 . ($ - 6 . 7 6 , 8 R e s t o f th e e c o n () m y 1 3 . 1 1 9 , 4 2 5 . 7 2 5 . 1 2 () . 6 1 6 , 2 1 2 . 7 . 9 . 4 1 1 . 1 hI u Itip Iie r ( h! :$ X /R M ) 5 . 2 5 . 4 5 . 1 5 . 5 5 . 6 5 . 6 5 , 5 . 5 . 7 5 , 7 R e s e r v e c o v e r , in rri () n th s () f im p () r ts J$ . 0. 2 . 5 2 . 9 2 . 8 3 . () 2 . 9 7 . () 3 . û $ . 1 1/ Constant Kenya shilling per US$ exchanke rate pravailing on Septembçr 30y 209.1 , tKqh 78.95 #t, I>ts $) C'' . ' : . Source: Central Bank of Kenya r.. '' ' ' . . , j . ; .' '' :, 1... 2 ..: . ,. ' '?.' ' ..1. .' '. t!. .. . 'è .. .(î'''! ,. .L'.' . y. ..,. ' . ,, . . .,, . . i(' ;. yt ' ' ' j;;i . . .. ..?. . . E ; . . . . . . ; . . 'f . , Appendix J.' Chronolony tk/' events cf particular relevance to monetary policy and inflation 2004/05 ' ' July 2004 August/september 2004 September 13-24, 2004 November/December 2004 December 20. 2004 January/pkbrual'y 2005 ' March/April 2005 The Central Bank of Kenya released its fourteenth Monetary Policy Statement, settihg out the monetary .program to be pursued in the financial year 2004/05 (July-lune). An assessment of the impact of the dropght indicated that the 2.7 percent real GDP growth estimate for 2004 might not be attained. Consequently, real GDP growth estimate was lowered to 2 4 ercent ' '. P . Following availability of firm monetary and fiscal data for June 2004 and the discussion with the 1MF Mission on the First Review Under the PRGF'program, the monetary program was tighterled. With the monetary and inflation outcome for Septembdr 2004-quarter exceeding target, the monetary program Mias further tightened. î ' The IMF Executive Boarti approved the Firjt Review under the 'Poverty Reduction 'and Growth Facility (PRGF) arrangement. - The Central Bank of Kènya releasèd its fifteenth Monetary Policy' Statement. IMF initiates discussions on the Second Review of the PRGF Program, ' i dicate economic growth rate of 4.3The 2005 Economic Survey released. New GDP numbers n percent for 2004. May 2 005 2nd September, 2005 THE KENYA GAZETTE 1887 Junq 2005 The budget for 2005/06 financial year is read by the Minister f*r Finance. Dijcussions with the IMF on the Second Review of the PRGF program kick off. Pending th9 outcome of the June 2004 firm numbers, a tentative monetary program for 2005/06 was agreed upon. GLOSSARY OF KEY TERMS OVERALL INFLATION This is a measure of consumer ptice movemeqt of al1 goods and services sampled by' the Central Bureau of Statistics. UNDERLYING INR-ATION This is a measure of price movements consumer goods and services other than food, ènergy 'and transport and communications. These items are excluded because they are susceptible to transient influences that are beyond the control of the CBK. Thus the underlying measure is used by the Centra'l Bank to gauge the intluence of monetary policy on inflation . - RESERVE NIONEY These are CBK liabilities comprising currency i'n circulation (currency outside banks and till cash h-eld by commercial banks) and deposits of both colnmercial banks and nonbank financial institutions held with the CBK. ' . ' MoxEy SOPPLY The sum of currency outside banks and deposit' liabilities of commercial banks. Deposit liabilities are defined as follows'. narrow money (Ml )'. and broad money M2, /.13 and M3X. Thcsc aggregates are defined as follows'. M1 M2 M3 M3X Dlscotm'r RATE The 'rate of interest the Central Basnk charges on loans it extends to cömmercial banks facing temporary liquidity shortfalls. The discount rate is currently set at 3 percentage pi ints above the 91-day Treasury bill rate applicable to the last auction. OPEN MARKET OPERATIONS (OMO) Curi-ency in circulation plus demand deposits M l plus quasi-nioney (time and savings deposits) 512 plus other deposits issued by nonbank financial institutions (savings and loan association, mortgage finance institutions etc.) . M3X plus residents' foreign currency deposits The Cêntral Bank's act of buying or selling Kenya Government treasury bills in the secondary market in order to achieve a desired level of bank reserves, OMO is done .in the context of an action where commercial banks bid through 'the Reuters screen. RIXRCHASE AqREEMENT (REPO) j ' This is an instrument used in OMO. REPOS are lgreements by 'the 'CBK to purchase/sale government securities from/to commercial banks at agreed intercst rate (REPO rate) for a specified period with an understanding that the. commercial bank will repurchase/resell the security to the CBK at the end of the period, ' ' RESERVE MONEY PROGRAM This is the desired. expansion iù reserve money (operating target) to achieve the money supply growth target (intermediate target) that is consistent with the inflation target (ultimate target). , CASH RESERVE REQUIREMENT This is an amount of legally required balances of commercial bank and nonbank financial institutions held with the CBK. The Central Bank is empowered by the Act to demand a certain proportion of commercial banks' deposits to be held as reserves at the Central Bank. ne ratio currently stands at 6 pelwent. ' Dated the 23rd August. 2005. A. K. MULEI, Governor, Central Bank of Kenya. 1888 ' THE KENYA GAZETTE 2nd September, 2005 GAZE'ITE NOTICE NO. 7016 GAZE'ITE NorrlcE Ni). 7018 THE PHYSICAL PLANNING ACT Ti1E RETIREMENT BENEFITS AcT (No. 6 qf 1996) (No. 1 1 oy 2()()g) coMpl-grlox oypuerosvstopMsxr IuX Ix 'rl4s MATTSR oy RoBstnx HARRIS & covpxxv 'fPDP. No. TRlDllhmoùslbforExisting andDevelopedsitefor ADVOCATES STAFF RETIREMENT BENEFIT SCHEME Nortk-Eastern Mediq tz??zf Tetecommunicgtion z-frrlpetfl vol-uxlwltv wlxolxs-up NUTICE is given that preparation of the above-named part NOTICE is given that the staff Retirenfent Benefit Scheme development plan was on 4th March, 2005, complaed. managed and run by the finn of Robson Harris & Co., advocatis. for the benetit of their staff of P.o. Box 67845-:0200, Nairobi, ghall be The part development plan relates to land situated wiuun Madogo voluntmily wound up pursuant to a resolution of the trustees dated the Town in Tana River District. 25th y'ebruary , 2005, and the finu of Kariru tt Associates, certified Copies of the part development plan have been deposited for Public Accountants, of Krishna Mansion, 1st Floor, Moktar Daddah blic inspection at the oftkes of t:e Distdct Plrsical manning Street, P.O. Box 70460-00400, Tel. 221929, Nairobi, has beenpu Oftker, Tana River, District Commissioner, Tana Rlver and Clerk, Opointed by the Retirement Benctits Authority, to carry out yhe winding-tip of' the scheme. 'c oullty council of Tana River. ' inspecuon t'ree of-charge Any creiitor, contributir, or beneficiary oryhe scheme desirous ofTs e copius so deposited are avauable or b a!l persons interested at the orfices of the District physical Iqanning ' making any claim or presentation may get in touch with tlze atbrasaidy oftuer, Tana River.. oistrict commissioner. Tana River and clerk, t'irm of accountants or Retirment Benefits Authority during business county council of Tana River, between tl. Izours.of â.()() a.m. to s.oc l'ours. p.m. Monday to yuday. sated the 22nd August , 2tx5. Any interested person who wiglws to make any representation 'in ' . ' KARIRU & ASSOCIATES, connection with or objecuon to tlte abovc-named I?a.rt developmer!t . certsedpublicAccounmnts, lan may send sucs representauon or objections m writing to be Krislma Manston, lstnoor, Moktaroaddah street,p receiyed' by the District Physical Planning Officer, P.O. Box 201, . P.O. B0x 70460-00400, Fcl. 221929, Nairobi. Hola, witlun sixty (60) days from the date of publication of this notice axus RETIREMEXT Bsxsluvs AUTHORITY , and such representauon pr objection shall state the grounds on which it s umtutja powery gyg sstv , upper ss poa; is made. P .O. Box 57733-00200, Nairobi. Any person who wishes to make a claim or other representations Dated the 26% August, 2005. mtlst Ser?e on or send by post to the above named the details of his/her claim. The claim must state 'the name and address of the person or . J M Muejalxox, firm, or their advocates and must be sent in suftkient time to reach the District Physical manning omcer, Tana River. above named not later than the 9th september, 2005 at our o'clock in the aftemoon. GAZETTENOTICE NO. 7019 Tl'lE COMPANIES ACT (Cap. 486) IN THE MATTER OF INTERNATIONAL HOMES LIMITED GAZETTE NOTICE NO.'7017 IN THE HIGH COURT OF KENYA AT MILIMANI TllE PHYSICAL PLANNING ACT COMMERCIAL COURTS , NAIROBI (No 6 of 1996) wjxplxcpgp causc No. 34 ofp 24 4 TI4E CITY COUNCIL OF NAIROBI NOTICE is given that a petition for the winding-up of the International Homes Limited; Kenya Furniture Rental Limited and coMpl-m-lox oy PART DEvy-l-opMpx'r pl-Ax Makao Kenya Limited by the High Court ùf Kenya, was on 23rd PDP No. CP/FPJZONE 7/036/04/02 . /:r Proposed Mosque, Huruma Xovefnber, 2004, presented to the said court by Eric Caims Hanna.( . . ln1ills.b And that the said petition is directed to be heard before the' said court sitting at Milimani Commercial Courts, Nairobi, on the 19th NOTICE is given that preparation ' of the above-named patt Scptember, 2005, and any creditor or contributoly of the said cpmpany development plan has been completed. ' dcsirous to support or oppose the making of an order on tlle said ' petition may appear at the time of the hearing in person or by his/her The part development plan relates to land situated within the City advocate for that purpose, and a copy of the petition will be furnished of Nairtbi. by the undersigned to any creditor or contributory of the said company . ' requjling such copy on payment of the regulated charge for thc same. Copies of the part development plan have been deposited for public inspection and viewing at City Hall, 2nd Floor, Forward Dated the 22nd August, 2005. . Plafming Section notice board. . . . KHAMINWA & KHAMINWA, The copies so deposited are available for inspection and viewing Adwcatesfor the Petitioner, free of charge by all persons interested at City Hall, 2nd Floor, Kencom House, 2nd Ffo/r, Entranc;e dT#'' korward Planning section notice board, between the houts of 8.00 a.m. City Haq Fly, to 5.00 p.m. Monday to Friday. P.0. zy.x 43758-00100, Nairobi. Any interested person who wishes to make any representation in No'riz connection with or objection to the above-named part development lan mgy sqnd such representation or objections in writing to be Ally Person who intends to appear on the hearing of the said p .ived by the Director of City Planning Department, P.O. Box Petition must serve on or send by post to the above-named, notîce in rece , 30075 Nairobi, within sixty (60) days from the date of publication of '' ' . Wliting t)f his intention so to do. The notice must state the name and i e and suoh representation or objection shall state the grounds address of the person, or if a firm, the name and address of the 111-111this not c hich it 'is made. . and must be signed by the person or tirm, or his .or their advocate, if on w . any, and must be served, or if posted, must be sent by post in sufficient P. K. MUTUGI, time to reacll tlze above-named not later tilan noon of 10th september, for Director o/cf/y Planning. 2005. - ' 2nd September, 2005 THE KENYA GAZETTE 1889 GAZE'ITE NOTICE NO. 7020 GAZETTE Nt)TlcE NO. 7021 TI'lE COMPANIES ACT (Cap. 486) INTENDED DISSOLUTION Tlœ COMPANIES ACT (Cap. 486) DBSOLIJTION PURSUANT to section 337 (1) of the Companies Act, it is notified for general information that the undermen:oned companies aa dissolved. F32,/8 Mascon S.A.R. Limited. F/72 H.Z. and Company Limited. Dated the 22nd Xugust, 2005. 'PURSUANT to section !39 (3) of the companies Act, it is aotified that at the expiration of three (3) months from the date of this gazeke, the names of the undermentioned companies shall .unless cause be shown to the contrary be struck of the register of companies and the companies shall be dissolved. ' Number Ncme ofcompany St M. NDISYA, Deputy Registrar of Companies. Act-Maanki Limited Action Tools bnd lndustlial Supplies Limited Allan Contractor Limited . Bally Limited . Buckeye Limited Business Energy Solutions Limited City Cell (K) Limited DCDM Consulting Limited Computor Source Point Software Limited Elida Ponds Kenya Limited - Equgtor Telcoms Services (K) Limited Gasco Kenya Limited General Tyre East Africa Limited Hyatt Trading Limited Hydra Build Kenya Limited Hiteshi Popatlal Mashru Limited Irjn On The Park Limited Jeizen Investments Limited Jenith Commercial Hardwaye Limited Kent Safaris Lodges Holdings Limited Karibu Timber Industries (Mombasa) Limited Kiakidi Company Limited . Lightomatic Industries'Limited Makzar Kenya Limited Mask Kenya Limited Corflp' uter Source Point Investment Limited Machakos Roadways Limited ' Mega Beverage Company Limited Moxit Enterprises Limited Nafo Girls Hostel Limited ' Nishu Enterprises Limited Nyamasebe Banana Limited Phoenix Sisal Limitcd PreiMcllant Popat Shah and Company Limited Pakawa and Sons Limited River Hardware Stores Limited Russell Consulting Limited Stationery Express Limited Sabby Vibes Limited Swala Gem Traders (K) Limitçd Star Charter Limited ' Solomon Software (East Africa) Limited Serene Air Services Linjted Sangeeu Properties Limited Safe Rider Vehicles Management Systems Limited Three Point Farm Limited Trisans (Kenya) Limited . Trafalgar Consultancy Limited Tripple 1ei Tours Company Limited Unilever Kenya Technical and Markvting Services Valli lssa and Sons Limited >. GAZE'I'TE NOTICENO. 7û22 TllE TMDE UNIONS ACT (Cap. 233) DISSOLUTION PURSUANT to section 6! of tlle Trade Unions Act, noticç is given that the Eldoret, Migori and Mombasa branches of the Kenya Union of EntertaiRment and Music lndustry Employees llave been dissolved under the Trade Unions Act. Dated tlle 16th Augusq 2005. W. K. LXNGAT, éssistant Registrar-General. GAZOE NOTICE NO. 7023 TIIE BANKRUPTCY ACT (Cap. 53) (Under Rule 145 ofthe Bankruptcy Rulesj RECBIVING ORDER AND CREDITORS' MEETING Debtor's zlcrrle.-shallovAbdi Rahman Shire. Address.-p.o. Box 34907-00100, Nairobi. Dexcrl//ïtm.-Businessman. Date ofhling pelflftln.-l8th November, 2004. Colzr/.-lligh Court of Kenya at Nairobi, Milivmani Commercial Courts. Date t? .Jt?à#er.-8th December, 2004. Cause N/.-133 of 2004. Whether debtor or creditor's peff/fon-Dobtor's petition . Act or acts (T:crlkrupfcy.-lnability to pay debts. Date tfcreditors' meeting.-llnd September, 2005. Ferllze.--sheria House. Ground Floor. Ti?rle.-2.30 p.m. Last tftzy ofhling proofofdebtforma.-L9th September, 2005. Dated the 8th August. 2005. S. M. NDISYA, Depttty Registrar ofcompanies. Depu@ Ojhcial Receiver. 1890 THB KENYA GAZE'I'TE 2nd Septemder, 2025 GAZETI'E NOTICE N0. 7024 . TIIE BANKRUPTCY ACT fcap. 53) (b-nder Rule 145 ofthe Aa/l/crlzczcy Rulesj RECEIVINC ORDERANDCREDITORS' MEETING Debtor's ??arae.--stepltelt Mwangi Njorogc. Address.-yo. Box 8s Kibwezi. àezcriplftm.-Businessman. Bate ofplingpetition.-lnd April, 2003. Court .-lligh Court of Keaya at Nairobi, Milimani- Commercial Coults. Date o/tfr#,er.-7th Aplil, 2003. Cau.w 1/.-,.42 of 2003. Whether zfeâtt)r or creditot's pefffftm-Debtor's p' etition. Act t/c acts tp/htznkrffplc-y.-lnability to Ilay debts. Date ofcreditors' -c,///1:,.-291 September, 200à. Fermc.-sheria Housm, Ground Floor. Ff?nc.-2.30 p.m. Imt day O.J'./WA#' proofofdebtfornuz-z6tb September, 2005. Dated the Bth Augusty 2005. LUCY NDUNGU, Deputy OAckll Recdver. . GAZE'ITE NOTICTNO. 7025 TllE BANKRUPTCY AW (Cap.'b3) RECEIVING ORDER Debtor's mzvtevBenson Okumu Luta. Address.c-yo. Box 57, Sawagtmgo. Date o/.#tir)##e/ifftm.-1st October, 1998. Court.-Hjgtt Courf of Kenya at Kisumu. Number ofmatter.-g of 1998. Date / .ftvtfer.-5th Octoec 1998. Fefflftmen-Debtor. Act or acts of Jmrlàrlfpfcy.-presentation f)f a bankruptcy petitioh against himself. Date ofsrst meaing ofcreditorr-zlnd September. 2005. Last date ofreceiving pr/(>.6-22nd August, 2005, . Dated the 7th Julyq 2005. JOSEPHINE OGOLA, J'er OTzcftz3 Rcceiver. GAZETTE NOTICE N0. 7026 '1'HE ADVOCATES (ADMISSION) REGULATIONS (L.N. 357 of 1997) AIJMISSIONS PURSUANT to regulatifm 17 of the Advocates (Admission) tegulations, it is notified that the following lwo hundred and eleven tl 1) perstms- Amboko Angela Wanga, Anammtjia Seraphinc Okebolar Anyika Constance Anjirî, Awino Victor Otieao, Bîttok Titus Kipchirchir, Boor Monicah Jepkirui, Boss Cathy Chemutai, AD'gIISSfONS-ICtmr#.I Chabcda Mary Rgba Maleyas ' Chege Lucy Wanjeri, Chegenye Daniel Chitwahs Cheruto M'ary Audrey Francis, Chibororo Tmnimi Lewa, Choge Fredrick Solomon Kipsase, Daudi (Volyne Kamende, David Rizpha Mukonyo, Dullo Fatuma Allan Galgalo Ali, GacEeru Mfre4 Gachagar Gathaiya Nathan Gioce, ' Gicbag,a Diana Wanjiru, Gichmw Benard Kin'ma, Gichem Elizabeth Njezi, Gitlmka Wanjiku, Gituma George Mugambi, lkaria Jacob Mworia, Ireri David Muchangi, Juma Dan Oduor, Juma Radhan Toms Kaaria Franklin Kimathi Kagoni Edgar Matsigulu, Kamuyu Joseph Wang'ombe, Kang'ethe Margard Njeris Kang'onj'a Josephine Wangari, Kanyaratl Kenneth Waithaki Simon, Karanja James Kahiga', Karanja Joanne Esther Njambi, Kariuki Haron Githuithi, Kenga William Chengo, Kiamhu Anthony Mbunya, Kibicho Anlw Wambui. Kihara caroline Wambui, lfimani lsabelle Wangari Mbugua, Kipkulci Pauline Jepkangor, Kiplagat Pauline Cbepkemboi, Kirii Alice Nyambum Kimi Lillian Ann Cherotich, Kithak.a Archibald Mtmyi, Kidmi Annette Mwikali, Kivairu Yvone Muslzluves Kosgti Timon Kiptanui, Kuinuhe Afme Njeri K.. Macharia Lilian Njeri, Madangdda Nina Misw Maina Samuel Njuki, Maina Sarah Chelimo, Maiyo Thomag Kipkemboi,' Mjmdala lsaiah Mtldambia Marangu Gitobu Imanyara, Marete Humphrey Ktthinji, Maritim Jacqueline Chebet, Mathenge Anthoùy Njoju, Mathibu George Mwarllki, Matiru Margaret Waajiku, Mattmda Gladys Lina Kemtmto, Matlbe Fredrick Muyeyay Mbaka Clispus Mwcnda, Mbogori Roberf Mmiuki, Mbuli Stella Wavinya, Metto Sylvester Kipkemei, Midiwo Nichcdas Ondire, Migiro Maria Kerubo, Mirugi G/adys Thitu, Mitei lsaac Kiplimo arap, Mkiwa Halfan Bagashe, Mtai Duncan Kiptoo, Mtàna Robson Mwahunga, Mucheke Zubetla Ytrsstlf, Mu/ambi Norah Kanyua, Mugo Jemima Wangari, Mujo Ruth Kagurc, Mulera Maureen Busolo, Mukiri Karwitha Gitlûhji, Mulehi Nancy Pafficia Wangafi. Muriithi Caroline Muthonls Musembi Josephine H. M. Syengo. Mutllama Georgina Wambuis 2nd September, 2005 . TIIE KENYA GAZETTE 1891 ADMIssIoNs--(&a/#.) Muthamia Kenneth Muriftil, Muthoga Rachel Wambui, Mwakireti Francis Samuel Mkiwa, Mwangi Beth Njeri, Mwangi Eunice Wanjiru, Mwangi Joseph Inmgu, Mwangi Nelius Wanjiru, Mwangi Peter Kwanjera, Mwangi Rispah Muthoni, Mwanyi Vincent Mukiri, Mwanlki Joshua Wafula, Mwanzia DorothyWfog'a Mbithe, Mwaura Carolin: Wambui, Nandwa Fred Okoth ' ' Ndaba Daniel Mwenja, Ndnmbuki Angela Mwende, Nderitu Rosemaly Wanjiru. Ndiritu Elizabeth Wangeci, Nduati Rosalinda Njelk Ngari Fredrick Murimi, Nfethe Faith Mbaire, Nfetich Magdaline Cherotich, Ng'etich Paula Chepkoech, Ngigi Nicholas, Njugi Crispin Ng'my'a, Nlagua Beatrice Njem Njogu Caroline Nyambm'a, Njoroge Joyce Wangati, Njuguna Humphrey Kimani, Njuguna Nicholas Njau, Njuguna Peter Kihara, Njtml Henry Waw'eru, Nthambtui Nerida Nkatha, Nyabira Beatrice Bosibori, Nyaga Ioseph Kariuki, Nyakweba Sandra Nyaböke. Nyambati Gideon Migiro, Nyamongo Esther Naomi. Nyandatï Lorna Akinyi, Nyigei Maureen Cherono, Nyongesa Sospeter Masika, Obiayo Dorothy Mupi, Obonyo Moronge Lereko, Oàtlra Ken Oueno, Obura Priscah Atieno, . Ocharo Innocent Momanyi, Ochieng Jàmes Kounah, . Ochola Jolm Odhiambo, Ochwangi Philemon Nyaachi, Odera Tonny Moses, . Odero Carol Amondi, Odhiambo Margaret Awuoç. Odhiambo Victor Leonard, Odull George Fredrick, Ogama Damaris Were, Ohuma Julliet Lillian Atieno, Oimbo John Onyango, Okello Ronald Godwin Mullomi, Oketch Lyndte Awino, Okonjo Donald Ochieng, Qkore Celesa Asis, Okumu Bonnie Awuor, Okworo Job Omondi, Omar Abdul Rahman Mahmood, Ombewa Boaz Maura, Omodho Grace Aueno, Omollo Lyneee Aèhieng, Omondi Gabriel Peter, Omondi Teresa Carlo, 6 lo Mary Millicent Vienomu . Omweri Grace Kwamboka, Ondieki Jalson Nyaega Makori , Ongam Stephen Ambrose Lulalire, Ongod Peter Okombe, Ongoya Elisha Zebedee, Onjoro Patrick Tame, Onsare Rose Moraa, Opore Stella Motaa, ADMISSIONS-VC/ZI/YI Oriwo Inviolata Akinyi, Osabwa Dorcas Nekesa, Osano Martin Manwari, Osike Daniel Ombasa, Otieno Joan Neto! Otieno Stacy Mehssa Akumu, Owenga Monicab Akotll, ' Parmena Rehema, Pete Pgtek Otieno, Rigoro Charles Makory, Robi Susaf Wanjiru, Rogo Ronald Gordon, Rogony Geoffrey Tele, Rono Rose Chdangat, Sang Anthony Kipkoech, Sanga Sheila Chepkorir, Seda Kevin Brian Oma, Selwangalane Rutlq Sirniyu Michael Wafula, Soo Rosaline Mutete, Thethy Amar Singll, TheuliEric Njem, Tomno Ann Jepkoech, Ubhi Harpred Kaur,1 Wachira Emma Ruth Muthoni, Wachira George Mukundi, Wachira Joyce Wanini, Waciïira Stepben M. Wacira Emma Irene Gathoni, Wadegu Pamela Achieng, Wafula Edwin Munoko, Waichigo Elizabeth Wanjiku, Waiclmngo Martin Gitonga, Wamakau Irene Nzisa, Wamithi Mne Wanja, Wodibba Akademia Nanjala, Wangata Fidelis Wabwire Okumu, Wangechi Gicllukk Wango Tom TimlavTieng, Wanjolli Stephen Matàenge, Wasike Ivy Nangoni Nambili. Wasonga Sijeyo Ogola, Wattangah Nobert Mmiyu, Were John Odera, Weru David Kabugi. Weungttla Emmanuel Simiyu, Yego Zephania Kipsang, Yogo Samuel Ouko Kutonya , have complied with the provisions of section 13 of the Advocates Act as to yupillage and the passing of exalpinations yubject to such exemptlons as m-ày have been granted under subsection (2) of that section. Dated dze 17th August, 2003. w. KULUNDU-BITONYE. Prinopal/secretary, Council t?/fzjtzl Education. GAZE'I-I'E Norncs No. 7027 TI.IE LocAl- GOVERNMENT àcT . fcap. 26j) Tiœ CITY COUNCIL OF NAIROBI REVIEW OF THE FEES AND CHARGES FOR MEDICAL SERVICES AT PUMWANI MATERNITY HOSPITAL IN EXERCISE of the powers conferred by section 148 of the Local Goverhment Act, the City Council of Nairobi has .wit.h the approval of the Minister for Local Governmcnt revised fees and charges for medical services as listed in the schedule hereunder with effect from 8th August, 2005. SCHEDULE Bi Haematology: Current Charges ApprovedT est (Ksh.) charges (Ksh.) Haemogmm 400 350 RBC Couat 15Q 150 1892 THE KENYA GAZ/TTE 2nd September, 2005 Test Current Charnes Approved (KSh.) Charges (KSh.)Test Urine/stool Culture Cultures Gram Slin Blood Culmre Skin Scraping Culture Koh Preparation Indiap IIA Preparation CSF Protein C:L CsF Culture Complete Semrn Analysis Semen Analysë +C/S Services Rendered: Caeserean 2,000 69000 Delivery Fee 1,000 .7,000 Macdonalds Stich t'Theatrel Repair Perinea, Cervix, Manual Removalmvacuation) 1,000 2,000 Bed Charges (per day) 2* 400 Re-Admission/c.B.BA 500 500' B.T.L 3Q0 500 Oral Drugs Nil 200 IV Drugs Nil 200 IV Fluids Nil 300 Blood Transfusion Nil 1,000 X-Ray 50 500 Ultra Sound 600 1,200 Provision/sanitary Package 250 250 By Order of the City Council of Nairobi. Dated the 17t11 August, 2005. JOHN GAKUO , Ftpwa Clerk. Gxzmn'ENoTlccNo. %28 THE LOCAL GOVERNMENT ACT (Cap. 265) THE BUSIA TRADE DEVELOPMENT JOINT LOAN BOARD APPOINTMENT OF BOARD MEMBERS Current Charges Approved ' (KSlt.) Charges (KSll.) g4: Aiil 1 50 èiil lçil htil lfil lfil lqil WBC Cotint Platelet Count - packed Cell Volume ESR Bleeding Time Cloting Time Blood Smear Malatia Parasites Haemoglobin APW Reticulocyte Count Blood Group Gross Match Direct Coombs Test Indirect Coombs Test LE Preparation Sicling Test DU Test C. Serology: Hiv Screening Hepatitis B Antigen ' ' b.il toid Factoreuma ASOT Pregnancy T est VDRL TPHA Bmcella Antibodies Widal Test Helicobgcter Pylori TB Serology Hepatitis B Antibodies Antinuclera Factor D. llïtpc/7c?niaçlry.' 120 - 100 100. l00 Nil 100 1 000iao 220 NW 150 100 10L 1O0 100 100 1 000i20 220 150 300 -500 100 250 300 500 2O0 Nil 200 2û0 NiI Nil Nil ltik 250 300 200 200 900 700 Ni1 Blood Sugar Blood Urea OJ'aI G'IT Serum Cietinille Serum Uric Acid Serpm Amylase Serunf Bilirubin Iserum Cholestrol Alkaline Phosphétase Acid Phosphatase Seruni Electrolytes NAKCL Serum Potasium Serum Chloride Serum Sodium Creatinine Clsarence Test Serum Calcium Liver Function Tests Semm AST Serum ALT Serum Proteins Serum Albumin Cœiac Bnzymes Lipid Protile Thyroid Function Test Gamma GT Serum lron Serum TIBC Serum Phojphorus C.P.K CKnMB Magnesium Levels Prodatin Folic Acid Serum Lactate Vitamin B12 E. Microbiology and Parasitology: Stool O/C Uriue Uriualysis Occult Blood in Stool IN EXERCISE of the powers conferred by section 104 of the Local Government Act, the County Council of Busia appoints- CLLR. PHELIX ARUDA OCHIENG to be a mtmber of the Busia Tradt Developmént Joint Loan Board, for a period of three (3) years. Datetl the 24th August,, 2005. G N r KwENA, ' Clerk to Council- GAZE'I'TE NorrlcE No. 7029 . THE KENYA SCHOOL OF LAW 2005/2006 ACADEMIC YEAR IT 18 notitied for gcneral information that further to