USHURU SAVINGS AND CREDIT CO-OPERATIVE SOCIETY LIMITED
Chairman’s Statement
On behalf of the Board of Directors, I am pleased to present the Annual Report and audited Financial statement for the year ending 31st December 2019.
Economic Review The year 2019 presented the most challenging period for Kenyans in general with the economy worsening and the inflation rate in the second Quarter of 2019 growing by 47% to 5.9% compared to the previous year the same Quarter where inflation was at 4%. This was driven by the rising food prices which was mostly affected by the bad weather conditions witnessed in the country. Weighted interest rates on commercial banks loans and advances declined to an average of 12.48 per cent in the first half of 2019 from 13.22 per cent during a similar period in 2018. This was due to reduction of Central Bank Rate (CBR) by 50 basis points. The Kenyan currency remained steady supported by resilient inflows from service exports, diaspora remittances as well as lower imports.
Annual Report and Financial Statements for the year ended 31 December 2019
5
