<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-537913" style="width:720px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-141x90.jpg 141w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, Oct 3 (Reuters) &#8211; Tanzania&#8217;s central bank held its key interest rate unchanged at 6%, it said on Thursday.



In the two quarters to September, the central bank held the benchmark rate at 6%, from 5.5% that was announced in January when the bank introduced the rate.



The bank targets inflation of 5%, but consumer inflation has stayed comfortably below that figure, despite growing pressure on the shilling.



Inflation increased to 3.1% year-on-year in August from 3.0% the previous month, data from the statistics office showed.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Christina Fincher)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA

Tanzania central bank holds lending rate at 6%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg" alt="" class="wp-image-537910" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A security guard stands at the entrance of the Stanbic Bank in Abidjan, Ivory Coast April 9, 2018. REUTERS/Luc Gnago</figcaption></figure>



NAIROBI, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector saw a slight deterioration in business conditions in September as output and new orders contracted again, reversing the brief recovery seen in August, Stanbic Bank reported on Thursday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) fell to 49.7 in September from 50.6 in August, dropping below the 50.0 threshold that separates growth from contraction and marking the third decline in four months.



&#8220;Business conditions contracted slightly in September, implying that the pickup in August was due to some recovery after the disruptions caused by protests earlier this year,&#8221; said Christopher Legilisho, Economist at Stanbic Bank.



The survey highlighted that economic challenges for both businesses and households led to reduced sales and a fresh drop in activity. However, the slowdown helped cut input price inflation, resulting in only a marginal rise in output prices.



Despite the overall decline, some sectors showed improvement, with manufacturing and construction firms reporting higher sales. However, agriculture, wholesale &amp; retail, and services sectors experienced declines.



Employment levels were stable, with the employment subindex at the 50.0 no-change mark. Firms reported little need to hire new staff or replace voluntary leavers due to slowing production capacity.



Input price inflation softened, leading to the weakest rise in business expenses in four months. The marginal increase in input costs resulted in a similarly mild jump in prices charged to customers.



Business expectations for the coming year remained subdued, with only 4% of survey respondents expecting an upturn.



&#8220;Business expectations for the coming year remain at their weakest levels in a decade due to the economic headwinds of this year,&#8221; Legilisho added.



The survey also noted that stable exchange rates and fuel prices over the past two months contributed to the moderation in cost pressures, with inflation expected to remain muted at around 4-4.5%.



(Reporting by Nairobi bureau; Editing by Hugh Lawson)

Security guard stands at the entrance of the Stanbic Bank in Abidjan

Kenyan private sector conditions weaken in September, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-820x547.jpg" alt="" class="wp-image-537892" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/D4ASV6Y32RILJI4KL3SWHYT4ZY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Soldiers from the Rwandan security forces are seen near the Afungi natural gas site, Mozambique September 22, 2021. REUTERS/Baz Ratner/File Photo</figcaption></figure>



JOHANNESBURG, Oct 3 (Reuters) &#8211; Mozambique&#8217;s ruling party candidate in this month&#8217;s elections, who is almost certain to win, is likely to continue relying on Rwanda&#8217;s military and European money to secure its huge gas fields in a region beset by Islamist violence, analysts say.



Campaigning under the slogan &#8220;let&#8217;s get to work&#8221;, ex-high school teacher Daniel Chapo, 47, is expected to oversee the building of two liquefied natural gas (LNG) projects currently on hold because of insecurity in northern Cabo Delgado province.



To achieve this,&nbsp;he must lean heavily on Rwanda&#8217;s military, brought in by current President Felipe Nyusi in 2021 to bolster struggling local troops.



&#8220;The Rwandans are undeniably competent,&#8221; Tertius Jacobs, lead analyst for Mozambique at risk consultancy Focus Group, said. &#8220;Mozambique &#8230; has little to no better alternative.&#8221;



Rwandan units, including special forces, are tasked with securing territory around the Afungi site where TotalEnergies and ExxonMobil plan LNG projects.



Nyusi&#8217;s introducing Chapo to Rwandan president Paul Kagame in June was a nod to continuity, Jacobs said, amid civil society reports from Maputo that Rwandan security forces could build a new camp in Quissanga district to buffer against insurgent activity from the north, thereby enhancing security during elections.



Rwandan forces are shouldering larger responsibilities after regional southern African soldiers withdrew in July this year. A spokesperson did not respond to an emailed request for comment.



Recent attacks by suspected Islamists include a February ambush that killed more than 20 Mozambican soldiers, helping displace tens of thousands of people in one of the worst skirmishes since 2021, when TotalEnergies halted its $20 billion project.



ExxonMobil&#8217;s neighbouring project is also on hold, frustrating Mozambique&#8217;s ambitions to become a major gas exporter.



TotalEnergies CEO Patrick Pouyanne has said work could restart this year if security continues to improve, although funding is another concern.



ExxonMobil is expected to make a final investment decision by end-2025.



&#8220;Rwanda will remain the key. They have thousands of troops there to protect the LNG sites,&#8221; Robert Besseling, CEO of consultancy Pangea-Risk said.



Already a major funder, the EU is mulling further support to Rwandan efforts to quell the insurgency, a spokesperson said.



&#8220;The fight against terrorism in Cabo Delgado is a common fight,&#8221; she said.



(Reporting by Wendell Roelf; Editing by Tim Cocks and Alex Richardson)

FILE PHOTO: Soldiers from the Rwandan security forces are seen near the Afungi natural gas site

Mozambique’s presidential frontrunner likely to keep Rwandans protecting gas sites

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves could affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



S&amp;P Global Whole Economy PMI for September.



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South African mining executives gather for an annual industry conference.



South Africa&#8217;s second-biggest grocery group SPAR appointed Moegamat Reeza Isaacs as chief financial officer with effect from Jan. 1, 2025.



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand weakened against a stronger dollar on Wednesday.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.6% higher.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while a sizzling rally in Hong Kong&#8217;s share market took a breather.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The S&amp;P 500 ended little changed on Wednesday, with technology shares gaining but investors nervous about Middle East tensions and more U.S. labour data due this week.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of U.S. economic data that could provide clues about the size of Federal Reserve interest rate cuts expected later this year.



(Compiled by Tannur Anders; Editing by David Goodman)

istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Oct 3

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



NAIROBI, Oct 3 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



*Tanzania&#8217;s central bank announces its latest lending rate decision.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Japanese stocks jumped and the yen fell on Thursday as the risk of further tightening in monetary policy this year faded, while the sizzling rally in Hong Kong&#8217;s share market took a breather.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The South African rand weakened against a stronger dollar on Wednesday, as markets worried about rising tensions in the Middle East.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was steady on Wednesday, and was expected to firm, helped by dollar inflows from tea exporters, traders said.



<h2 class="wp-block-heading" id="h-kenya-economy">KENYA ECONOMY</h2>



Kenya&#8217;s economy expanded by 4.6% year-on-year in the second quarter of 2024, down from 5.6% in the corresponding quarter of the previous year, the national statistics office said on Wednesday.



<h2 class="wp-block-heading" id="h-kenya-central-bank-rate">KENYA CENTRAL BANK RATE</h2>



Kenya&#8217;s central bank rate should start lowering its lending rate due to falling inflation in recent months, Finance Minister John Mbadi said on Wednesday.



<h2 class="wp-block-heading" id="h-uganda-foreign-exchange-reserves">UGANDA FOREIGN EXCHANGE RESERVES</h2>



Uganda&#8217;s foreign exchange reserves shrank 4.3% in the three months to the end of July from the previous three months, extending a recent downward trend, the central bank said in a report published on Wednesday.



<h2 class="wp-block-heading" id="h-uganda-electricity">UGANDA ELECTRICITY</h2>



Uganda is seeking funds to build three hydropower plants that would add over 1,600 megawatts (MW) of capacity to help meet rising power demand, an energy official said on Wednesday.



<h2 class="wp-block-heading" id="h-madagascar-mining">MADAGASCAR MINING</h2>



Madagascar&#8217;s nickel and cobalt miner Ambatovy has shut down a pipeline supplying ore from its mine in the country&#8217;s east to a processing and refinery plant due to damage, its major shareholder Sumitomo Corp 8053.T said.



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



Ivory Coast, the world&#8217;s top cocoa producer, has granted cocoa export licences to 106 companies and cooperatives for the 2024/25 season, up from 92 last season, according to a document from the Coffee and Cocoa Council (CCC) seen by Reuters on Wednesday.



<h2 class="wp-block-heading" id="h-mozambique-petroleum">MOZAMBIQUE PETROLEUM</h2>



Patrick Pouyanne, the chairman and chief executive of TotalEnergies, said he planned to go to Mozambique later this month to meet the country&#8217;s new president over the company&#8217;s planned project in Mozambique.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 3

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-820x502.jpg" alt="" class="wp-image-537870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-768x471.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-1536x941.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/7VVFWAQIAZKZBBQ2YVQI7LMDJQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Customers walk beneath a company logo for the South African supermarket chain SPAR Group as they arrive at a supermarket in Johannesburg, South Africa, June 7, 2022. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s second-biggest grocery group SPAR&nbsp;SPPJ.J&nbsp;appointed Moegamat Reeza Isaacs as chief financial officer with effect from Jan 1, 2025, the company said in a statement on Thursday.



Isaacs was the group finance director of upmarket retailer and SPAR competitor Woolworths Holdings Limited from 2013 to 2023.



&#8220;Mr Isaacs has strong strategic and operational finance experience that will add considerable value to the company,&#8221; SPAR said in the statement.



He succeeds Mark Godfrey, whose decision to retire was announced in June. Godfrey will step back from his role as group CFO on Dec. 31.



(Reporting by Tannur Anders; Editing by Clarence Fernandez and Himani Sarkar)

FILE PHOTO: Customers walk beneath a company logo for the South African supermarket chain SPAR Group as they arrive at a supermarket in Johannesburg, South Africa,

South African grocery retailer SPAR appoints new CFO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="575" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-820x575.jpg" alt="" class="wp-image-454022" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-820x575.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-768x539.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-1536x1078.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/2YFSNLSNFRP7VNWQPEPCOAWUMU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man shows off Zimbabwean currency notes outside a grocery store in Harare, Zimbabwe, March 17, 2022. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



HARARE, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s President Emmerson Mnangagwa on Wednesday vowed to implement corrective measures to protect people&#8217;s incomes after the country&#8217;s new gold-backed currency slid on the black market five months after it was introduced.



The ZiG, short for Zimbabwe Gold, was devalued 43% last Friday after it lost nearly 47% on the black market.



&#8220;We note with concern the resurgence of the parallel market activities driven by speculative tendencies. Corrective measures are being instituted to protect Zimbabweans from disruptions,&#8221; Mnangagwa said in an address to the parliament.



Since the devaluation, the ZiG has again weakened from Friday&#8217;s rate of 24.3902 to 25.2824 on Wednesday, while on the black market it has slipped to 32 per U.S. dollar.



Mnangagwa said the devaluation of the ZiG will allow &#8220;greater flexibility&#8221; and encourage people holding forex to trade on the official market.



&#8220;Government remains committed to backing the currency through setting aside 50% of royalties to build reserves,&#8221; he said.



The ZiG is the southern African country&#8217;s sixth attempt at a stable currency in 15 years after a bout of hyperinflation under former longtime leader Robert Mugabe.



Following a meeting with central bank officials, the Bankers Association of Zimbabwe on Wednesday said last week&#8217;s move would cause price hikes and weaken confidence.



(Reporting by Nyasha Chingono, Editing by Bhargav Acharya and Andrea Ricci)

FILE PHOTO: Zimbabwe’s poor feel the impact of far away Ukraine war

Zimbabwe’s president vows to implement measures to stop currency slide

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="530" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg" alt="" class="wp-image-433145" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-820x530.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/XRWAJLZOAVK3DL2J5JMRWBBQ6A.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/</figcaption></figure>



NAIROBI, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank rate should start lowering its lending rate due to falling inflation in recent months, Finance Minister John Mbadi said on Wednesday.



Kenya&#8217;s government targets an inflation rate of between 2.5% and 7.5% in the medium term.



Inflation fell to 3.6% year-on-year in September from 4.4% a month earlier, while it stood at 4.3% in July.



&#8220;Inflation rate is firmly under control now,&#8221; Mbadi said during an appearance at the Senate.



&#8220;We think now that the central bank should start lowering the interest rate so that we encourage the private sector to uptake more loans, create job opportunities.&#8221;



The central bank is due to announce its next interest rate decision on Oct. 8.



It lowered its benchmark lending rate by 25 basis points in August, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



Mbadi said the effects of a strengthening shilling and the central bank&#8217;s earlier tight monetary policy stance had also contributed to the falling inflation rates.



(Reporting by George Obulutsa; Editing by Jason Neely and Peter Graff)

XRWAJLZOAVK3DL2J5JMRWBBQ6A

Kenya’s central bank should start cutting lending rate, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-820x548.jpg" alt="" class="wp-image-537523" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/IFNY65FOTJO4XHZDYY2W2UMXWQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A motorist drives on the Nairobi Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 20, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s economy expanded by 4.6% year-on-year in the second quarter of 2024, down from 5.6% in the corresponding quarter of the previous year, the national statistics office said on Wednesday.



The second quarter of 2023 gross domestic product data was revised upward from a previous figure of 5.0%.



The Kenyan statistics office attributed second-quarter growth to the robust performance of sectors including agriculture, forestry &amp; fishing, real estate, financial and insurance activities, and wholesale and retail.



However, the mining, quarrying and construction sectors saw a contraction, the statistics office said in its statement.



Kenya&#8217;s finance ministry has projected a 5.2% economic growth for 2024, a slight decrease from 5.6% in the previous year.



At the end of the second&nbsp;quarter, nationwide protests against proposed tax increases resulted in disruption and violence in major cities.



President William Ruto subsequently scrapped the tax measures, but demonstrations persisted into the third quarter, with protesters calling for better governance, an end to corruption and better service delivery.



(Reporting by George Obulutsa; Editing by Louise Heavens and Bate Felix)

Shadow of Kenya’s borrowing binge to hang over next president

Kenya’s economic growth slows in the second quarter of 2024

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-820x547.jpg" alt="" class="wp-image-537520" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/TMSNKUJWFBJW7E2ELN3LY74EOY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Mozambique President Filipe Jacinto Nyusi addresses the &#8220;Summit of the Future&#8221; in the General Assembly Hall of the United Nations Headquarters in New York City, U.S., September 22, 2024. REUTERS/Caitlin Ochs/File Photo</figcaption></figure>



JOHANNESBURG, Oct 2 (Reuters) &#8211; Mozambicans will vote next week in presidential and legislative elections that are almost certain to extend the ruling Frelimo party&#8217;s half century in power, as it battles a long-running Islamist insurgency in one of Africa&#8217;s largest gas fields.



Ruling party candidate Daniel Chapo, a former radio announcer and law lecturer, is widely expected to replace Filipe Nyusi as president of the southeast African nation.



Here are some key issues facing one of the world&#8217;s poorest countries and its more than 34 million people as it heads to polls.



<h2 class="wp-block-heading" id="h-islamist-insurgency">ISLAMIST INSURGENCY</h2>



Islamic State-linked militants launched an insurgency in the northern gas-rich province of Cabo Delgado in 2017, killing thousands of civilians, destroying livelihoods and internally displacing hundreds of thousands, aid agencies say. The insurgency has disrupted multi-billion-dollar energy projects.



Aided by regional troops and Rwanda, the government has contained the insurgency, but there has been a surge in deadly attacks since the start of the year.



<h2 class="wp-block-heading" id="h-stalled-gas-projects">STALLED GAS PROJECTS</h2>



Before the wave of insurgent attacks, gas projects worth over $50 billion were earmarked for development. The projects were aimed at turning the country into a major liquefied natural gas (LNG) producer.



French energy giant TotalEnergies halted work on its $20 billion LNG project and declared force majeure in 2021 after insurgents attacked the northern town of Palma, a logistics hub near the site.



Its Chief Executive Officer Patrick Pouyanné said in July the company hoped to chart a path to restart its LNG plant after the presidential election.



Another LNG project led by Exxon Mobil and its partner Eni was also delayed. Exxon expects a final investment decision by the end of 2025.



<h2 class="wp-block-heading" id="h-debt-scandal">DEBT SCANDAL</h2>



Mozambique is still reeling from a $1.5 billion-plus &#8220;tuna bond&#8221; scandal in which money lent to state-run firms for fishing fleets, funded in part by Credit Suisse, went missing.



Last year Credit Suisse, now owned by UBS reached an out of court settlement with Mozambique over the decade-old scandal, which prompted the International Monetary Fund and other donors to temporarily cut off support to the country, triggering a currency collapse and debt default.



Mozambique maintained that it was the victim of a conspiracy among shipbuilders, corrupt officials and banks. President Nyusi, who was defense minister at the time, denied any wrongdoing.



The scandal triggered criminal investigations from Maputo to New York, while senior Frelimo politicians were charged for their involvement, dealing a blow to the party&#8217;s image.



<h2 class="wp-block-heading" id="h-climate-shocks">CLIMATE SHOCKS</h2>



Mozambique is one of the most disaster-prone countries in the world, vulnerable to extreme climate shocks like droughts, cyclones and floods.



An El-Nino induced drought has ravaged southern African countries, wiping out crops, including in Mozambique. Around 1.8 million people have been affected by the drought in central and southern parts of the country, the United Nations Mozambique said in August.



Devastating cyclones also regularly hit Mozambique. Along with neighbouring Malawi and Madagascar, Mozambique bore the brunt of Cyclone Freddy last year, when the storm &#8211; one of the deadliest to hit the continent in two decades &#8211; ripped through the region, killing over 1,000 people.



<h2 class="wp-block-heading" id="h-peace-agreement">PEACE AGREEMENT</h2>



Frelimo has been in power since Mozambique&#8217;s independence in 1975.



Shortly after independence, a 16-year civil war between Frelimo and former guerilla movement Renamo &#8211; now the country&#8217;s main opposition &#8211; killed around 1 million people before a truce in 1992 ended the worst of the bloodshed.



However, violence has flared up periodically, around elections.



In a bid to bring &#8220;definitive peace&#8221;, the two parties signed the Maputo Accord for Peace and National Reconciliation shortly before the elections in 2019 to end years of conflict.



Over 5,000 former combatants gave up arms and have been reintegrated into society since.



(Reporting by Bhargav Acharya; Editing by Tim Cocks and Michael Perry)

World leaders attend United Nations “Summit of the Future”, in New York

What are the key issues in Mozambique elections?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 2 (Reuters) &#8211; The Ugandan shilling was little-changed on Wednesday, but was expected to weaken, undercut by an uptick in demand for dollars from the energy and manufacturing sectors, traders said.



At 0739 GMT, commercial banks quoted the shilling at 3,671/3,681, compared with Tuesday&#8217;s closing rate of 3,665/3,675.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable, to ease due to energy sector FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 2 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Wednesday, and was expected to firm, helped by dollar inflows from tea exporters, traders said.



At 0633 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Tuesday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling steady, to gain due to tea export dollar inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg" alt="" class="wp-image-537498" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. REUTERS/Baz Ratner/File photo</figcaption></figure>



NAIROBI, Oct 2 (Reuters) &#8211; Kenya&#8217;s inflation fell to 3.6% year-on-year in September from 4.4% a month earlier, the statistics office said on Wednesday.



On a month-on-month basis inflation was at 0.2% from 0.0% a month earlier, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium term.



The central bank is due to announce its next interest rate decision on Oct. 8.



It cut its benchmark lending rate by 25 basis points in August, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa; Editing by Tom Hogue)

K2XDS6QNTRJ3NESUKLUN7X52ZI

Kenya’s inflation falls to 3.6% in Sept

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-820x573.jpg" alt="" class="wp-image-537495" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/VRATGRWGYVJ5ZNVGMF3E7MIYPQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu gestures during an Interview at the African Energy Week in Cape Town, South Africa, October 17, 2023. REUTERS/Esa Alexander</figcaption></figure>



KAMPALA, Oct 2 (Reuters)&nbsp;&#8211;&nbsp;Uganda has formed a state-owned mining company to manage the government&#8217;s equity interests in mining operations, its minister for energy and mineral development, Ruth Nankabirwa, said.



All mining activities in the east African country have previously been done by private firms after obtaining exploration and mining licenses.



Under a new mining law approved in 2022, the government can compulsorily take a 15% free carry stake in all mining operations in the country.



The move is part of broader efforts to expand Uganda&#8217;s share of the value from its mineral wealth, following in the footsteps of other African countries such as Tanzania.



&#8220;This company will manage the state&#8217;s commercial interests in the mining industry. It will do so through strategic partnerships with young developers in the private sector,&#8221; Nankabirwa told a mining conference in Kampala on Tuesday.



President Yoweri Museveni&#8217;s government has also been pushing investors in the sector to process minerals and add value domestically instead of exporting them in raw form.



In April, Uganda launched its first tin refining company by mining firm Woodcross resources, which refines tin ore to 99.9% purity.



Chinese-backed Sunbird Resources has also been licensed to mine limestone for cement production in Karamoja region in Uganda&#8217;s northeast region, while Australia&#8217;s Ionic Rare Earths IXR.AX has been licensed to mine and process rare earths.



Ugandan geologists say the country has large deposits of a range of minerals including gold, cobalt, copper, iron ore, rare earths, among others.



(Reporting by Elias Biryabarema; Editing by George Obulutsa and Rashmi Aich)

Interview with Ugandan Minister of Energy and Mineral Development Ruth Nankabirwa Ssentamu at the African Energy Week in Cape Town

Uganda sets up state-owned firm to take stakes in mining operations

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-820x519.jpg" alt="" class="wp-image-537208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/SDJY6Y7BEFPCJLFSC2IBAROQ24-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s incoming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi, Kenya September 13, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;sparliament on&nbsp;Tuesday tabled a motion to impeach Deputy President Rigathi Gachagua for gross violation of the constitution, the&nbsp;speaker said,&nbsp;as local media reported that he had fallen out with President William Ruto.



Over one third of lawmakers signed a motion presented by Mwengi Mutuse, an MP allied with Ruto&#8217;s coalition, that accuses Gachagua of, among other things, denying people &#8220;equal opportunities for public service appointments and allocation of public resources,&#8221; according to the document.



A rift between Ruto and Gachagua has spilt into the open in recent days, with Gachagua saying he has been sidelined while denying accusations linking him and associates to violent protests earlier in the year, in which demonstrators overran parliament.



The director of communications at Gachagua&#8217;s office did not immediately respond to Reuters&#8217; request for comment.



&#8220;A special motion before the House presents an unprecedented constitutional moment in our democracy,&#8221; said parliamentary speaker Moses Wetang&#8217;ula.



&#8220;Without doubt, it summons this house to test for the first time, under the 2010 constitution, the provisions of our constitution relating to the removal from office by impeachment of the deputy president.&#8221;



(Reporting by Hereward Holland; Editing by Bate Felix and Sharon Singleton)

FILE PHOTO: Kenya’s in-coming deputy President Rigathi Gachagua waves to supporters as he arrives for his swearing-in ceremony in Nairobi

Kenya’s parliament tables motion to impeach deputy president, speaker says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;Major shareholders at the International Monetary Fund are urging Kenya to request an IMF assessment of corruption and governance issues as part of a push to unlock lending that has been stalled by the shelving of tax hikes, two diplomatic sources said.



Disbursement of around $600 million under an IMF plan that expires next year has been held up since the Kenyan government in June withdrew $2.7 billion in tax increases in response to mass protests.



The demonstrations, in which more than 50 people were killed, brought to the fore issues of corruption and misgovernance, with young protesters complaining that their taxes were being used to fund politicans&#8217; lavish lifestyles.



Western governments have been encouraging a governance diagnostic, or IMF assessment, of corruption and governance vulnerabilities, said the two sources. They spoke on condition of anonymity to discuss private conversations.



A governance diagnostic must be requested by the country in question. One source said such a request would facilitate discussions about further IMF support.



Kenya&#8217;s finance ministry did not respond to requests for comment. Spokespeople at the Washington-based IMF did not immediately respond to a request for comment.



The IMF has published governance diagnostic reports on 14 countries since 2014, including Ukraine, Cameroon and Sri Lanka, and additional diagnostics are underway, according to the Fund&#8217;s website.



Kenyan authorities are looking for fresh revenue-raising measures after rescinding the tax increases.



Finance Minister John Mbadi said in August that the government would have to restore some measures from the scrapped bill. However, last month Mbadi said he would seek suggestions from the public on new legislation to boost revenue.



Diplomatic sources say the government will need to present a credible plan to narrow its fiscal deficit before the IMF will consider new disbursements.



(Reporting by Aaron Ross; Additional reporting by Karin Strohecker in London; Editing by Gareth Jones)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Western nations urge Kenya to seek IMF review of corruption issues, sources say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 1 (Reuters) &#8211; The Ugandan shilling posted gains on Tuesday, helped by dollar inflows from non-governmental organisations, traders said.



At 0915 GMT, commercial banks quoted the shilling at 3,663/3,673, stronger than Monday&#8217;s closing rate of 3,682/3,692.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Reuters

Tanzania central bank holds lending rate at 6%

Kenyan private sector conditions weaken in September, PMI shows

Mozambique’s presidential frontrunner likely to keep Rwandans protecting gas sites

South African Markets – Factors to watch on Oct 3

African Markets – Factors to watch on Oct 3

South African grocery retailer SPAR appoints new CFO

Zimbabwe’s president vows to implement measures to stop currency slide

Kenya’s central bank should start cutting lending rate, finance minister says

Kenya’s economic growth slows in the second quarter of 2024

What are the key issues in Mozambique elections?

Ugandan shilling stable, to ease due to energy sector FX demand

Kenyan shilling steady, to gain due to tea export dollar inflows

Kenya’s inflation falls to 3.6% in Sept

Uganda sets up state-owned firm to take stakes in mining operations

Kenya’s parliament tables motion to impeach deputy president, speaker says

Western nations urge Kenya to seek IMF review of corruption issues, sources say

Uganda shilling firms; charity dollar inflows help

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Reuters

Tanzania central bank holds lending rate at 6%

Kenyan private sector conditions weaken in September, PMI shows

Mozambique’s presidential frontrunner likely to keep Rwandans protecting gas sites

South African Markets – Factors to watch on Oct 3

African Markets – Factors to watch on Oct 3

South African grocery retailer SPAR appoints new CFO

Zimbabwe’s president vows to implement measures to stop currency slide

Kenya’s central bank should start cutting lending rate, finance minister says

Kenya’s economic growth slows in the second quarter of 2024

What are the key issues in Mozambique elections?

Ugandan shilling stable, to ease due to energy sector FX demand

Kenyan shilling steady, to gain due to tea export dollar inflows

Kenya’s inflation falls to 3.6% in Sept

Uganda sets up state-owned firm to take stakes in mining operations

Kenya’s parliament tables motion to impeach deputy president, speaker says

Western nations urge Kenya to seek IMF review of corruption issues, sources say

Uganda shilling firms; charity dollar inflows help

News Tips

Advertise With Us

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