<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



HARARE, Oct 1 (Reuters) &#8211; Zimbabwe&#8217;s bankers on Tuesday warned the central bank about the impact of any future shocks to the local currency to avoid eating into people&#8217;s incomes and eroding public confidence after a 43% devaluation last week.



&#8220;Every time you have such big shocks there are people who will lose out. The proper thing is to avoid significant huge shocks and maybe have small movement in the rate going forward,&#8221; Bankers Association of Zimbabwe (BAZ) president Lawrence Nyazema told Reuters.



The ZiG, which stands for Zimbabwe Gold, 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.



But authorities have struggled to persuade a sceptical population to stop carrying out transactions in foreign currencies.



The ZiG&#8217;s devaluation comes follows it losing more than 47% on the black market in the five months after its launch, with some economists saying its death was imminent.



Nyazema said it was too early to call the demise of the new unit, describing last week&#8217;s move by the central bank as a &#8220;reset&#8221; to the economy.



&#8220;I don&#8217;t think we are seeing the death of the currency but we have our work cut out for us. We have to do more work in terms of convincing the citizens that the money is stable. We needed to reset, and now that we have reset we need to stick to our promises,&#8221; Nyazema said.



He added: &#8220;It is up to the monetary authorities to come up with the right set of measures to bring stability and make sure that such significant movements are not frequent.&#8221;



Since the devaluation, the ZiG has further slipped from Friday&#8217;s rate of 24.3902 to 25.1305 on Tuesday.



Bankers also warned against a rushed move to remove the U.S dollar from circulation before a 2030 deadline, saying it sent the wrong signal to investors.



&#8220;If we were to wake up tomorrow morning and say we are back to mono currency there is likely going to be confusion not only internally but the rest of the world, whom we have told we will have a multi currency up to 2030,&#8221; Nyazema said.



Before the ZiG began its big slide, the government had been hoping to make the gold-backed currency the sole currency unit by 2026.



(Reporting by Nyasha Chingono, editing Nelson Banya and Hugh Lawson)

A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe bankers wary of more shocks after sharp ZiG devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-820x571.jpg" alt="" class="wp-image-537121" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YHI73VDPHRLJBFOJQ5AW7JVA5U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows an enrichment shop at a processing plant of fertilizer producer EuroChem VolgaKaliy developing the Gremyachinskoe potash deposit in Volgograd region, Russia September 3, 2024. REUTERS/Kirill Braga/File photo</figcaption></figure>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;South African manufacturing activity increased in September, recovering from the previous month&#8217;s slump as demand rose and an interest rate cut boosted sentiment, the Absa-sponsored purchasing managers&#8217; index survey showed on Tuesday.



Absa&#8217;s seasonally adjusted PMI for the factory sector rose to 52.8 points in September from 43.6 in August, above the 50-point mark that shows growth.



&#8220;Both domestic and export demand showed signs of improvement&#8230; On the local consumer front, the recent interest rate cut adds to the expectation of a possible more positive demand story going forward,&#8221; local bank Absa, which sponsors the survey, said in a statement.



&#8220;The positive PMI results suggest that the manufacturing sector is stabilising after a turbulent period, although challenges remain, particularly in employment,&#8221; Absa said in a statement.



The 9.2-point jump in the index in September more than made up for the 8.8-point drop in August.



(Reporting by Tannur Anders; Editing by Bhargav Acharya and Hugh Lawson)

EuroChem VolgaKaliy plant in Volgograd region

Absa PMI shows South African factory activity grew in September

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="576" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg" alt="" class="wp-image-534754" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-820x576.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-300x211.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-128x90.jpg 128w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-768x540.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-1536x1079.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LA24V6GG4VKUROZCEGVVO63DKQ-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A street money changer counts South African Rands in Harare, Zimbabwe, file. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



JOHANNESBURG, Oct 1 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened in early trade on Tuesday, ahead of a purchasing managers&#8217; index (PMI) for the domestic manufacturing sector.



At 0747 GMT, the rand traded at 17.32 against the dollar, about 0.3% softer than its previous close.



The Absa PMI for September is set to be released at 0900 GMT and should shed light on conditions in South Africa&#8217;s manufacturing sector.



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



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 8 basis points to 8.925%.



(Reporting by Tannur Anders)

FILE PHOTO: A street money changer counts South African Rands in Harare

South African rand slips ahead of manufacturing PMI

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg" alt="" class="wp-image-534014" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429-1-768x402.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier’s booth at a forex exchange bureau in Kenya’s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 1 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged against the dollar on Tuesday and was expected to gain ground during the session, helped by inflows from the agriculture sector, traders said.



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



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenya shilling stable; to strengthen due to farm sector dollar inflows

<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 1 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, company announcement, equity and currency market moves may affect South African markets on Tuesday.



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



South Africa September manufacturing sector PMI



South Africa September vehicle sales



South African government&#8217;s weekly long-term bonds auction



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



South African lender Capitec half-year results



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



On the stock market, the Top-40 .JTOPI index closed 1.26% lower.



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



Asian stocks pulled back from two-and-half-year highs and the dollar firmed following comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Middle-East tension kept risk sentiment in check.



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



The S&amp;P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the U.S. central bank is in no hurry to implement further interest rate cuts.



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



Gold prices were hovering below recent record peaks on Tuesday after U.S. Fed chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Nersa a &#8216;bottleneck&#8217; for new renewable energy projects, says industry



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Fuel price shocker: Some areas to miss out on large cuts this week as port woes bite



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Oct 1

<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 1 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



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



Asian stocks eased near two-and-half-year highs on Tuesday and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.



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



Oil prices were little changed on Tuesday as stronger supply prospects and tepid global demand growth outweighed worries that escalating tensions in the Middle East could impact output from the key exporting region.



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



The South African rand slipped on Monday as it took a breather after two weeks of gains following an improvement in investor sentiment towards the currency.



<h2 class="wp-block-heading" id="h-nigeria-loan">NIGERIA LOAN</h2>



The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



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



Kenya&#8217;s shilling was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.



<h2 class="wp-block-heading" id="h-kenya-politics">KENYA POLITICS</h2>



Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



<h2 class="wp-block-heading" id="h-mali-mining">MALI MINING</h2>



Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



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



Ivory Coast has raised the fixed farmgate price paid to cocoa farmers by 20% to 1,800 CFA francs ($3.09) per kg for the main crop of the new season, the West African country&#8217;s agriculture minister said on Monday.



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



Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Oct 1

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg" alt="" class="wp-image-537080" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/LDWFYV477FOM5BRKZCR7HIOFT4.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Labourers work at a mine near the town of Rubaya in the Eastern Democratic Republic of Congo, August 13, 2019. REUTERS/Baz Ratner/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Rebels in eastern Democratic Republic of Congo have consolidated control over the Rubaya coltan-mining region, imposing a production tax estimated to generate around $300,000 in monthly revenue, the United Nations security council heard on Monday.



The M23 movement, a Tutsi-led organization purportedly backed by Rwanda, seized the area, which produces minerals used in smartphones and computers, following intense fighting in April.



Bintou Keita, head of the U.N. mission in Congo, told the Security Council that trade from minerals in the Rubaya area accounts for over 15% of global tantalum supply.



Congo is the world&#8217;s top producer of tantalum which is considered a critical mineral by the United States and the European Union.



&#8220;This generates an estimated $300,000 in revenue per month to the armed group,&#8221; Keita said. &#8220;This is deeply concerning and needs to be stopped.&#8221;



&#8220;The criminal laundering of the DRC&#8217;s natural resources smuggled out of the country is strengthening armed groups, sustaining the exploitation of civilian populations, some of them reduced to de-facto slavery, and undermining peace-making efforts,&#8221; Keita added.



The majority of Congo&#8217;s mineral resources are situated in the east, a region plagued by conflict over land and resources between several armed factions. The situation has deteriorated since the resurgence of the M23 rebellion in March 2022.



Thousands have been killed and over 1 million displaced since the resurgence in fighting.



Manufacturers are under scrutiny to ensure that metals used in products such as laptops and batteries for electric vehicles are not sourced from conflict zones like eastern Congo.



Keita said that as profits from mining have surged, armed groups have become militarized entrepreneurs, making them stronger both militarily and financially.



&#8220;Unless international sanctions are imposed on those benefiting from this criminal trade, peace will remain elusive, and civilians will continue to suffer,&#8221; Keita said.



(Reporting by Sonia Rolley; Editing by Bate Felix and Christina Fincher)

LDWFYV477FOM5BRKZCR7HIOFT4

UN says Congo rebels generating $300,000 monthly in seized mining area

<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/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg" alt="" class="wp-image-537074" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MJMRAJTMFBIZJOSATPFJNDJSTQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir luggage tags are displayed at a Barrick Gold Corp at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 1, 2020. REUTERS/Chris Helgren</figcaption></figure>



Sept 30 (Reuters) &#8211; Barrick Gold Corp and the Mali government have decided to find a resolution to existing claims and disputes over the Loulo and Gounkoto gold mines in the West African country, the company said on Monday.



The statement from the world&#8217;s second largest miner comes two days after the Malian government arrested four Barrick employees. The two parties have been negotiating a new mining contract that proposes to give Mali&#8217;s military-led authorities greater control over its resources. Mali is one of Africa&#8217;s biggest gold producers.



Barrick said the details&nbsp;of the agreement&nbsp;will be made public once terms of the settlement have been&nbsp;finalized.



Shares of Barrick were trading down by 2% on the Toronto Stock Exchange at 2:16 p.m ET (1816 GMT).



“The current negotiations have proved challenging but we’re encouraged by the government’s recognition of the importance of securing the long-term viability of the Loulo-Gounkoto complex as a substantial contributor to the Malian economy,&#8221; Barrick&#8217;s CEO, Mark Bristow, said in a statement.



The Mali government was not immediately available for comment.



In July Barrick said it had invested over $10 billion in the Malian economy over the past 29 years.



(Reporting by Felix Njini and Felix Bate; writing by Divya Rajagopal; editing by Jonathan Oatis and Leslie Adler)

Souvenir luggage tags are displayed at a Barrick Gold Corp at the PDAC annual conference in Toronto

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg" alt="" class="wp-image-536822" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its main interest rate for the fifth meeting in a row on Monday, saying the inflation outlook remained favourable.



The central bank reduced its MIMO interest rate&nbsp;MZMIMO=ECI&nbsp;by 75 basis points to 13.50%.



The southern African country&#8217;s inflation slowed to 2.75% year on year in August&nbsp;MZCPIY=ECI&nbsp;from 2.97% in July, statistics agency data showed.



The Bank of Mozambique reiterated in a statement that it expected to continue to lower the MIMO rate over the medium term.



(Reporting by Manuel Mucari; Writing by Bhargav Acharya; Editing by Alexander Winning)

PF3JNZQUQ5M65OD7XXTYURHSSI

Mozambique central bank cuts main interest rate again

<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/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg" alt="" class="wp-image-536804" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BIBGA53T4FPYJGRCIAXJPZCW74-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast January 6, 2021. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ABIDJAN, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Most of Ivory Coast&#8217;s main cocoa regions received below-average rainfall last week but farmers on Monday said it was sufficient to boost development of the next October-to-March main crop.



The world&#8217;s top cocoa producer is in its rainy season, which runs from April to mid-November.



Most farmers said they were waiting for a new farmgate price to be set on Monday before selling their stocks of beans.



In the western region of Soubre and in southern region of Divo, where rains were above average last week, but also in the southern region of Agboville and in the eastern region of Abengourou, where rains were below average, farmers said more pods were ready to be harvested next month than in the same period last season.



However, farmers also voiced fears that heavy rainfall in October could damage bean quality.



&#8220;The plantations now need plenty of sunshine and average rainfall, otherwise there will be crop losses,&#8221; said Salame Kone, who farms near Soubre, where 33.3 millimetres (mm) fell last week, 12.9 mm above the five-year average.



In the west-central region of Daloa and in the central regions of Bongouanou and Yamoussoukro, where rains were below average last week, farmers said main crop harvesting would be significant in October and gradually increase until December.



&#8220;There are more and more workers on the plantations for harvesting because there&#8217;s so much cocoa,&#8221; said Albert N’Zue, who farms near Daloa, where 27.8 mm of rain fell last week, 1.8 mm below the five-year average.



Average temperatures across Ivory Coast ranged from 24.7 to 26.6 degrees Celsius.



($1 = 585.2200 CFA francs)



(Reporting by Loucoumane Coulibaly, Editing by Anait Miridzhanian and David Goodman)

FILE PHOTO: Farmers break cocoa pods at a cocoa farm in Soubre, Ivory Coast

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="455" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/SDJY6Y7BEFPCJLFSC2IBAROQ24.avif" alt="" class="wp-image-536765"/><figcaption class="wp-element-caption">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, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenyan lawmakers plan to launch impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining the government, parliament&#8217;s majority leader said, reflecting a widening rift between President William Ruto and his deputy.



The move could add to the government&#8217;s challenges after&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IO06G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">deadly months-long protests</a>&nbsp;over a disputed finance bill forced Ruto to shelve the legislation in June and fire almost his entire cabinet.



&#8220;It is true there is an impeachment motion against the deputy president and as the member of parliament for Kikuyu, I have already appended my signature to it,&#8221; majority leader Kimani Ichung&#8217;wah said on Sunday.



&#8220;I will support that impeachment motion to stop a process where government is being undermined and sabotaged from within government,&#8221; he said.



Calls to Gachagua&#8217;s spokespeople on Monday seeking comment were not answered.



In recent days he has spoken of being sidelined and denied accusations linking him and associates to the unrest, calling it &#8220;a futile attempt to soil my name and hopefully create grounds for the mooted impeachment proceedings against me.&#8221;



On Sunday, he told reporters that any impeachment motion would require Ruto&#8217;s assent. &#8220;Without the president&#8217;s go-ahead, the motion cannot reach parliament. If it reaches parliament, it is the president who has authorised it.&#8221;



Gachagua commands support in Kenya&#8217;s populous central region, and efforts to unseat him could stir up discontent there, adding to Ruto&#8217;s headaches.



More than 50 people were killed in the unrest against the financing legislation, creating Ruto&#8217;s biggest crisis since he took office in 2022. Protesters opposed tax hikes contained in the bill and also demanded action against misgovernance and corruption.



As part of a major reshuffle, Ruto in July nominated four members of the main opposition party to a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N3HG007&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">&#8220;broad-based&#8221; cabinet</a>. But activists said the new government would perpetuate a tradition of leaders co-opting the opposition instead of carrying out far-reaching reforms demanded by citizens.



(Reporting by George Obulutsa, Edwin Okoth and Ammu Kannampilly; editing by Mark Heinrich)

SDJY6Y7BEFPCJLFSC2IBAROQ24

Kenya lawmakers plan impeachment move against deputy president, majority leader says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/X6NY63TYXVKRFCEWGIZJ6ESKB4.avif" alt="" class="wp-image-536752"/><figcaption class="wp-element-caption">A man compares different grains of rice at a wholesale market in Navi Mumbai, India August 4, 2023. REUTERS/Francis Mascarenhas/File Photo</figcaption></figure>



MUMBAI/HANOI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Global rice prices fell on Monday after India, the world&#8217;s No.1 exporter of the grain, gave the go-ahead for exports to resume, boosting global supply and helping poor Asian and African buyers secure more affordable supplies, exporters said.



India on Saturday allowed exports of non-basmati&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">white rice</a>. That came a day after New Delhi cut export duty on&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3LC05A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">parboiled rice</a>&nbsp;to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.



&#8220;Suppliers from Thailand, Vietnam, and Pakistan are responding to India&#8217;s move by lowering their export prices,&#8221; said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter. &#8220;Everyone&#8217;s trying to stay competitive to hold their spot in the market.&#8221;



Global rice prices soared to their highest level in over 15 years following India&#8217;s decision last year to ban the export of white rice and impose a 20% duty on parboiled rice exports.



Last year&#8217;s export curbs imposed by India allowed competing suppliers like Vietnam, Thailand, Pakistan, and Myanmar to increase their market share and command higher prices in the global market.



On Monday, India&#8217;s 5% broken parboiled variety&nbsp;RI-INBKN5-P1&nbsp;was quoted at $500-$510 per metric ton, down from the last week&#8217;s $530-$536. Indian 5% broken white rice was offered around $490.



Exporters in Vietnam, Pakistan, Thailand and Myanmar also lowered prices by at least $10 per ton on Monday, dealers said.



The Philippines, Nigeria, Iraq, Senegal, Indonesia, and Malaysia are among the key importers of Asian rice.



Buyers and sellers are evaluating the potential impact of increased Indian rice supplies and accordingly prices would settle this week, said Nitin Gupta, senior vice president of Olam Agri India.



India accounted for more than 40% of the world&#8217;s rice exports in 2022, a record 22.2 million metric tons out of a total 55.4 million metric tons of global trade.



Thai rice prices were quoted at $540-$550 on Monday, down from last week&#8217;s $550 to $560 per ton.



Thailand&#8217;s rice export prices could decrease due to increased supplies in the market, but the extent of the decline would depend on several factors, including the appreciating Thai currency, said Chukiat Opaswong, honorary president of the Thai Rice Exporters Association.



Rice prices have started to correct, even in Vietnam, but traders caution that the full impact of Indian supplies has yet to be seen.



&#8220;(Vietnamese) exporters should stay calm and avoid reducing prices to secure contracts,&#8221; said Truong Tan Tai, chief executive of Vinarice Co., a rice exporter.



(Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Mayank Bhardwaj in New Delhi and Panarat Thepgumpanat in Bangkok; editing by David Evans)

X6NY63TYXVKRFCEWGIZJ6ESKB4

Global rice prices drop after India allows white rice exports

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="519" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg" alt="" class="wp-image-536707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-820x519.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-768x486.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-1536x971.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HWVA22ZQGVJL3J2BEPNBYS7R4M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar, Nottinghamshire, Britain September 26, 2024. REUTERS/Molly Darlington/File Photo</figcaption></figure>



Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based International Resources Holding (IRH) has signed an agreement with South Africa&#8217;s Public Investment Corporation (PIC) to invest in rail infrastructure and green energy projects, the two entities said on Monday.



IRH is a subsidiary of International Holding Company&nbsp;IHC.AD, the United Arab Emirates&#8217; (UAE) richest company, while the state-owned PIC is Africa&#8217;s largest asset manager. The PIC&#8217;s 2.89 trillion rand ($169 billion) assets under management include mining, agriculture, manufacturing, real estate and financial services investments.



IRH and PIC would cooperate on South Africa&#8217;s planned replacement of its coal-dominated power generation with cleaner sources of energy, they said in a joint statement, without giving details.



They would also seek to expand South Africa&#8217;s logistical capacity by addressing persistent freight rail and port bottlenecks which have throttled commodity exports.



South Africa&#8217;s state-owned logistics firm Transnet, which operates the country&#8217;s freight rail and ports, has&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3K711G&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">struggled</a>&nbsp;to provide adequate services due to equipment shortages and maintenance backlogs after years of under-investment.



The agreement would also &#8220;bring underperforming and undeveloped mining assets&#8221; in South Africa to full production capacity, they said. They did not name the assets.



Earlier this year, IRH completed the acquisition of a 51% stake in Zambia&#8217;s&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DH25C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Mopani Copper Mines</a>. The IRH has also been pursuing&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3IV091&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">other copper assets</a>&nbsp;in Zambia as the UAE and seeks to secure critical metal supplies from Africa amid a global shift to cleaner energy.



The IRH also has operations or prospects in Angola, Burundi, Democratic Republic of Congo, South Africa, Tanzania, Zambia, and Zimbabwe, according to its website.



($1 = 17.0983 rand)



(Reporting by Nelson Banya; Editing by Emelia Sithole-Matarise)

FILE PHOTO: A drone view of Ratcliffe-on-Soar Power Station in Ratcliffe-on-Soar

UAE’s IRH eyes mining, energy and logistics projects in South Africa

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="556" data-id="536704" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg" alt="" class="wp-image-536704" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-820x556.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-768x521.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-1536x1042.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/JS3L4TS4WZNK7PZF537SLXXZMY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Isabel Dos Santos, daughter of Angola’s former President sits for a portrait during a Reuters interview in London, Britain, January 9, 2020. REUTERS/Toby Melville</figcaption></figure>
</figure>



LONDON, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Angolan billionaire Isabel dos Santos on Monday lost an appeal to overturn an order freezing up to 580 million pounds ($778 million) of her assets as part a lawsuit at London&#8217;s High Court.



Dos Santos – Africa&#8217;s first female billionaire, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017 – is being sued by Angolan telecoms operator Unitel.



Unitel was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3DF2F0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">granted</a>&nbsp;a worldwide freezing order over dos Santos&#8217; assets in December and&nbsp;the Court of Appeal on Monday rejected&nbsp;her appeal against that decision.



Dos Santos has faced corruption accusations in Angola for years. She denies the allegations and says she is the target of a long-running political vendetta.



She is being sued by Unitel over loans it made to separate Dutch company Unitel International Holdings (UIH) in 2012 and 2013, when she was a Unitel director, to fund UIH&#8217;s acquisition of shares in telecoms companies.



Dos Santos owns and controls UIH, the Court of Appeal said in its ruling.



Unitel and UIH are not related despite bearing the same name, and dos Santos resigned as a director of Unitel in 2020.



The loans were not repaid and around 300 million pounds is outstanding, Unitel&#8217;s lawyers argued at the High Court.



But dos Santos – who claims to be the victim of a &#8220;campaign of oppression&#8221; by Angola – says Unitel is itself responsible for UIH&#8217;s inability to repay the loans because of its alleged role in Angola&#8217;s unlawful seizure of UIH assets.



(Reporting by Sachin Ravikumar)

Isabel Dos Santos, daughter of Angola’s former President and Africa’s richest woman, sits for a portrait during a Reuters interview in London, Britain

Angola’s Isabel dos Santos loses appeal against freezing order over assets

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg" alt="" class="wp-image-536675" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/BNNVWMSIARI3XAWVJ7B3VBLVLQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Quareebullahi Ajenifuja, 12, and Joy Adeniji, 12, take notes together during class at Ilorin Grammar school, in Ilorin, Kwara state, Nigeria, March 26, 2021. REUTERS/Temilade Adelaj</figcaption></figure>



LAGOS, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday.



The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed.



The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery.



&#8220;The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,&#8221; the bank said.



Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc.



The World Bank said part of the money would be used to improve dam safety to protect people from floods.



Nigeria faces frequent flooding and this year up to&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KT0SF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a million people were affected</a>&nbsp;after a dam in northeastern Borno state burst.



More floods are expected in Nigeria after authorities in&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3KO1PZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Cameroon started releasing water from a large dam</a>&nbsp;to prevent it from overflowing.



(Reporting by MacDonald Dzirutwe, editing by Ed Osmond)

FILE PHOTO: Two children take notes during class in Kwara state, Nigeria. March 2021.

World Bank approves $1.57 billion loan for Nigeria

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="537" data-id="536666" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg" alt="" class="wp-image-536666" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-820x537.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-1536x1005.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AJ75STV5GFI2VAY6ECK3RA5YKM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African Rand coins are seen in this photo illustration taken September 9, 2015. REUTERS/Mike Hutchings</figcaption></figure>
</figure>



JOHANNESBURG, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;The South African rand extended last week&#8217;s gains in early trade on Monday, as investors looked to a handful of data releases for further signs of an improvement in the domestic economy.



At 0650 GMT, the rand traded at 17.0375 against the dollar&nbsp;ZAR=D3, about 0.5% stronger than its closing level on Friday.



Central bank data on Monday showed a pickup in August private sector credit growth to 4.95% year-on-year&nbsp;ZACRED=ECI, a positive sign which may help Africa&#8217;s most industrialised economy build momentum in the second half of the year.



August trade&nbsp;ZATBAL=ECI&nbsp;and budget&nbsp;ZABUDM=ECI&nbsp;figures due later in the day are also expected to show improvement, reflecting better terms of trade and seasonal factors.



ETM Analytics said in a research note that the rand could break below 17 to the dollar this week as the U.S. currency remains on the defensive and inflows into the South African bond market are supportive.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was flat in early deals, the yield at 8.8%.



(Reporting by Alexander Winning, editing by Ed Osmond)

South African Rand coins are seen in this photo illustration

South African rand on front foot with domestic data in focus

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg" alt="" class="wp-image-536648" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TMUP3J2JWZJPFD5BVSEVXEPZS4-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Sept 30 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s shilling&nbsp;KES=&nbsp;was stable on Monday, with dollar inflows from tea exports matching month-end importer demand, traders said.



At 0647 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.



Traders said central bank dollar-buying had prevented the shilling from gaining ground in recent weeks.



&#8220;If they (central bank) had stayed out, the shilling would have strengthened,&#8221; one trader said.



The central bank says it has no preferred level for the shilling and only steps in to smooth out volatility in either direction.



(Reporting by Sonia Rao; Editing by George Obulutsa and Alexander Winning)

Reuters

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South African Markets -Factors to watch on Oct 1

African Markets – Factors to watch on Oct 1

UN says Congo rebels generating $300,000 monthly in seized mining area

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

Mozambique central bank cuts main interest rate again

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Kenya lawmakers plan impeachment move against deputy president, majority leader says

Global rice prices drop after India allows white rice exports

UAE’s IRH eyes mining, energy and logistics projects in South Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

World Bank approves $1.57 billion loan for Nigeria

South African rand on front foot with domestic data in focus

Kenyan shilling stable; dollar inflows from tea exports match demand

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Reuters

Zimbabwe bankers wary of more shocks after sharp ZiG devaluation

Absa PMI shows South African factory activity grew in September

South African rand slips ahead of manufacturing PMI

Kenya shilling stable; to strengthen due to farm sector dollar inflows

South African Markets -Factors to watch on Oct 1

African Markets – Factors to watch on Oct 1

UN says Congo rebels generating $300,000 monthly in seized mining area

Barrick Gold and Mali government to find resolution for Loulo and Gounkoto gold mines

Mozambique central bank cuts main interest rate again

Below-average rain sufficient for Ivory Coast cocoa crop, farmers say

Kenya lawmakers plan impeachment move against deputy president, majority leader says

Global rice prices drop after India allows white rice exports

UAE’s IRH eyes mining, energy and logistics projects in South Africa

Angola’s Isabel dos Santos loses appeal against freezing order over assets

World Bank approves $1.57 billion loan for Nigeria

South African rand on front foot with domestic data in focus

Kenyan shilling stable; dollar inflows from tea exports match demand

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