Barclays expects Kenyan economy to carry on growing

23/02/2011 - Kenya property & investment news http://af.reuters.com/article/investingNews/idAFJOE71L03M20110222
Barclays expects Kenyan economy to carry on growing

The attractiveness of Kenyan property as an investment option has once again been highlighted as a new report has tipped the domestic economy to carry on growing over the next 12 months.

The latest figures released by Barclays Kenya show that it enjoyed a 51 per cent increase in pre-tax profits on its interests in the East African country.

And while this was helped significantly by the sale of one of its largest businesses, regional managing director Adan Mohamed has noted that the coming year should be just as profitable, thanks to the anticipated rise in GDP.

Specifically, it is expected that GDP will grow by around six per cent in 2011, following on from the five per cent increase seen over the course of 2010, with Mr Mohamed noting that the bank is ready to take advantage of such favourable economic conditions.

"We are poised and prepared both in terms of people, in terms of technology and in terms of distribution channels to take advantage of the growth that this economy is going to present," he said.

Meanwhile, Kenya's central bank is to continue buying up euros as it looks to boost its own reserves.

Posted by Neil King

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