The number of taxi operators loosing their livelihood is on the rise as banks close on car loan defaulters, whilst businesses continue to bear the brunt of Covid-19. On Thursday, Stanbic Bank advertised about 72 vehicles set for the auctioneer's hammer, among them 31 Suzuki Altos common with Uber Chap Chap operators. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. Business conditions have contracted for five consecutive months now,” said Jibran Qureishi, Regional Economist East Africa, Stanbic Bank. A huge number of saloon cars being auctioned are of between 1000cc and 1300cc, preferred for taxi businesses due to their low consumption.

Source: The Star July 11, 2020 06:00 UTC