<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, Nov 14 (Reuters) &#8211; The Kenyan shilling weakened on Thursday due to increased demand for dollars across various sectors in the economy, one trader said.



At 0704 GMT, commercial banks quoted the shilling at 129.30/129.50 to the dollar, compared with Wednesday&#8217;s closing rate of 128.75/129.75.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling weakens due to increased FX demand from various sectors

<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, Nov 13 (Reuters) &#8211; The Ugandan shilling stable on Wednesday, although it was expected to strengthen, lifted by dollar inflows from remittances, traders said.



At 0719 GMT, commercial banks quoted the shilling at 3,665/3,675, compared with Tuesday&#8217;s closing rate of 3,668/3,678.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

UGANDA SHILLING

Ugandan shilling stable; to firm due to remittance inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg" alt="" class="wp-image-422769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/CORIUWLHAJI4LNBBJBT32ZAVTI-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Nov 13 (Reuters) &#8211; The Kenyan shilling weakened slightly against the dollar on Wednesday, one trader said, as the U.S. currency has strengthened globally following the presidential election, increasing local demand.



At 0700 GMT, the shilling traded at 129.00/129.30 to the dollar, compared to Tuesday&#8217;s closing rate of 128.50/129.50.



&#8220;We&#8217;ve been seeing the dollar appreciate against all currencies globally, including the shilling,&#8221; the trader said.



&#8220;Because of the dollar being attractive we are now seeing investors starting to buy dollars to repatriate them back to the U.S. markets.&#8221;



(Reporting by Sonia Rao; Editing by George Obulutsa)

Kenya Central Bank Governor Patrick Njoroge displays the newly designed Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi

Kenyan shilling weakens slightly as dollar demand increases

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, Nov 12 (Reuters) &#8211; The Kenyan shilling was stable against the dollar on Tuesday, data from the London Stock Exchange Group showed.



At 0610 GMT, the shilling traded at 128.50/129.50 to the dollar, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling stable versus dollar – LSEG data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg" alt="" class="wp-image-552870" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PF6IQXVCF5LOJEVE5HYYCWGDZE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prime Minister of Mauritius Pravind Kumar Jugnauth addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 22, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



PORT LOUIS, Nov 11 (Reuters) &#8211; Mauritius&#8217; incumbent Prime Minister Pravind Jugnauth said on Monday his political alliance was headed for a major defeat to a rival coalition led by a three-time former premier following Sunday&#8217;s parliamentary election.



Jugnauth said the Alliance du Changement headed by 77-year-old veteran politician Navin Ramgoolam was poised to win the vote on the Indian Ocean archipelago of about 1.3 million people.



With a cost of living crisis uppermost in voters&#8217; minds, Rangoolam&#8217;s alliance had said it planned to increase pensions as well as introduce free transport and internet services, and reduce fuel prices.



Jugnauth had promised to raise minimum wages, increase pensions and reduce value-added tax on some goods. He also negotiated an October agreement for Britain to cede the Chagos Islands while retaining the U.S.-UK Diego Garcia air base.



But his successes and promises did not appear to have swayed voters, with some wanting a new direction.



&#8220;L&#8217;Alliance Lepep is heading towards a huge defeat. I have tried to do what I can for the country and the population. The population has decided to choose another team. I wish good luck to the country,&#8221; Jugnauth told reporters.



<h2 class="wp-block-heading" id="h-final-results-due-soon">FINAL RESULTS DUE SOON</h2>



Earlier this month, his government blocked social media platforms until a day after the election, citing national security concerns after conversations between public figures were leaked. It lifted the ban a day later after opposition parties criticized the move.



Voters went to the polls to elect lawmakers for the 62 seats in parliament for the next five years, from a list of 68 parties and five political alliances.



Whichever party or coalition gets more than half the seats in parliament also wins the prime minister&#8217;s post.



Voter turnout stood at 79.3% of just over 1 million registered voters, election commission data showed.



It was due to announce the final results later on Monday.



Jugnauth became prime minister in 2017, when his father stepped down from the post, and won the election five years ago despite opposition complaints that it had been obtained through bribery and undue influence.



Ramgoolam, son of the man who led Mauritius to independence in 1968, was prime minister from 1995 to 2000 and won office again in 2005 and 2010. He first practiced as a doctor and lawyer before turning to politics full time.



(Reporting by Villen Anganan; Writing by George Obulutsa; Editing by Hereward Holland, Bate Felix, and Ammu Kannampilly)

78th UNGA General Debate at UN HQ in New York

Mauritius’ PM says his alliance heading for huge election defeat

<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, Nov 11 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Monday, as inflows from the agriculture and tourism sectors matched demand from general goods importers and oil marketing companies, traders said.



At 0701 GMT, commercial banks quoted the shilling at 128.50/129.50 to the dollar, the same as Friday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="527" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg" alt="" class="wp-image-551277" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-820x527.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GEMQRVYSSFICDJH3FN5AWJF7KE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protester runs after teargas was fired at a crowd gathering during a &#8220;national shutdown&#8221; against the election outcome, at Luis Cabral township in Maputo, Mozambique, November 7, 2024. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Mozambican police fired tear gas at protesters in the capital Maputo on Thursday in the biggest demonstration yet against the long-ruling Frelimo party which was declared the winner of a disputed election last month.



Anger has mounted since election authorities said Frelimo had won the Oct. 9 vote, extending its 49-year rule. Human rights groups say at least 18 people have been killed in the police crackdown on protests since then.



The election was hotly contested, with many young people supporting independent candidate Venancio Mondlane, who says the vote was rigged and called for a week of protests culminating on Thursday.



Civil society groups and Western observers also said the election was unfair and that results were altered. A Frelimo spokesperson did not respond to requests for comment.



The party has been accused of vote-rigging in previous polls and has denied it, sparking smaller protests last year.



Police were deployed in full force on Thursday as large groups of mostly young men barricaded streets with burning tires and waved homemade signs in support of Mondlane.



A Reuters witness saw a police officer firing a handgun in the direction of a crowd of protesters in a Maputo township.



&#8220;There has never been something like this in the country,&#8221; said Adriano Nuvunga, director of Mozambique&#8217;s Centre for Democracy and Human Rights.



&#8220;Whatever the outcome&#8230; the young people have gained their voice,&#8221; he said.



President Filipe Nyusi has not spoken since the protests escalated. His defence minister has threatened to deploy the army and warned against attempts to grab power.



Mozambique&#8217;s Constitutional Council has not yet certified the election results, a process that usually takes around two months.



On Tuesday it ordered the electoral commission to clarify within 72 hours why there had been discrepancies in the number of votes counted in the presidential, legislative and provincial elections, according to a letter seen by Reuters.



An electoral commission spokesperson did not immediately respond to a request for comment.



&#8220;(The outcome) comes down to what the Constitutional Council decides, I suspect. But the anger is palpable and I don&#8217;t know what they can say that will calm things down,&#8221; said Louw Nel, a political analyst at Oxford Economics Africa.



South Africa has closed its main border crossing for security reasons, and its foreign ministry advised its citizens against all but essential travel to Mozambique.



South African logistics company Grindrod on Thursday said it had suspended port and terminal operations in Mozambique.



(Reporting by Siphiwe Sibeko, Siyabonga Sishi and Manuel Mucari; Additional reporting and writing by Nellie Peyton;Editing by Alexander Winning and Ros Russell)

Mozambique opposition party leads national shutdown against election outcome

Mozambique opposition stages biggest protest yet as police crack down

<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, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan central bank&#8217;s Monetary Policy Committee will hold its rate-setting meeting on Dec. 5, the bank said on Thursday.



At its last meeting in October, the bank slashed its benchmark lending rate KECBIR=ECI to 12.00%, down from 12.75%, in a move aimed at stimulating credit to the private sector.



(Reporting by George Obulutsa; Editing by Hereward Holland)

A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank to hold next rate-setting meeting on Dec 5

<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-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau 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, Nov 7 (Reuters) &#8211; The Ugandan shilling traded flat on Thursday, although hard currency demand from energy importers was seen pressurising the local unit, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,675/3,685, same level as Wednesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling flat, under pressure from fuel importers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 7 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursdays, as foreign exchange inflows from the tourism and tea sectors matched demand, one trader said.



The shilling traded at 128.50/129.50 to the dollar at 0647 GMT, LSEG data showed, the same as Wednesday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by Hereward Holland)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling unchanged on tourism, tea FX inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg" alt="" class="wp-image-551177" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-1536x975.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SAFARICOM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi, Kenya, November 10, 2021. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Nov 7 (Reuters) &#8211; Kenya&#8217;s biggest telecoms operator, Safaricom, lowered its full-year earnings guidance on Thursday, after reporting a sharp fall in net income due to the depreciation of Ethiopia&#8217;s birr currency.



The company won the first licence to operate in Africa&#8217;s second most populous country, with about 120 million people, in 2022, following the liberalisation of the sector.



Despite strong customer growth, it has had a bumpy ride so far due to security, inflation and currency challenges.



Safaricom said the group&#8217;s half-year earnings before interest and taxes (EBIT) grew 31.9% year-on-year, but expected full-year earnings to ease to 94 billion to 100 billion Kenyan shillings ($731 million to $778 million) from 103 billion to 109 billion previously.



The company, partially owned by South Africa&#8217;s Vodacom and Britain&#8217;s Vodafone, posted a 14.0% increase in group service revenue to 181.4 billion shillings for the period to the end of September.



However, the group&#8217;s net income fell 17.7% on the year, dented by a depreciation of 106% in Ethiopia&#8217;s birr currency, an effect of the government&#8217;s free float of the unit, said Peter Ndegwa, Safaricom&#8217;s group chief executive officer.



&#8220;Despite the short-term challenges, we remain confident in the long-term commercial success of our Ethiopian business, and we are very encouraged by the commercial acceleration,&#8221; Ndegwa said.



Ethiopia adopted a market-determined foreign exchange rate in late July in a raft of reforms aimed at liberalising its financial sector to secure a new International Monetary Fund lending programme, and advance a long-delayed debt overhaul.



Launched two years ago, Safaricom&#8217;s Ethiopia arm will take a further year to break even because of the country&#8217;s foreign exchange reforms, achieving profit in the 2027 financial year, Ndegwa said.



&#8220;Due to the uncertainty of what (exchange) rate we will have at the end of the year, we are guiding that any 10 percentage points change in terms of currency depreciation, would result (in) about eight billion shillings &#8230; in terms of balance sheet impact,&#8221; he said.



Chief Finance Officer Dilip Pal said that while the impact of the birr&#8217;s exchange rate correction created a substantial drag in half-year results, the impact on the group&#8217;s full-year results would be &#8220;much lower&#8221;.



Its shares on the Nairobi Securities Exchange, where it is the largest company, were down 2.75% by 0744 GMT.



($1 = 128.5000 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Bate Felix and Clarence Fernandez)

A pedestrian walks on a sideway outside the Safaricom mobile phone customer care centre in the central business district of Nairobi

Safaricom trims forecast on Ethiopia’s birr depreciation

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/3GQDJSI4GBKYFLS5LW25CALRGU.avif" alt="" class="wp-image-550496"/><figcaption class="wp-element-caption">Shoppers walk within Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Nov 5 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund has raised Ethiopia&#8217;s net international reserves target to facilitate payments of upcoming hard currency bills, the Fund said.



The East African nation secured a $3.4 billion, four-year financing program from the IMF in July after carrying out a series of reforms including floating its birr currency. It is also in the midst of a fresh push to put its debt restructuring back on track.



&#8220;An increase in near-term target is warranted by Ethiopia&#8217;s vulnerabilities and heightened uncertainty around outlook,&#8221; the IMF said in a report published late on Monday.



Lower-than-expected volumes of hard currency sales by the central bank through auctions and higher gold exports contributed to an over-performance of the net international reserves target for August, the IMF said.



The net international reserves stood at $1.3 billion in mid-August, more than double the target of $630 million, the Fund said.



It raised the end-June 2025 target by $300 million to $400 million, to help create a buffer for the country to settle maturing letters of credit for fuel imports issued before reforms started.



The flotation of the birr currency resulted in the convergence of the official and the black market rates, the IMF said, but market activities had picked up at a slower pace than expected, leading to persistent unmet demand for dollars.



Ethiopia plans to reach a deal with bilateral creditors by year-end, the Fund said, followed by a deal with its Eurobond investors &#8220;as soon as is feasible&#8221; after that.



Bondholders have rejected the size of the proposed reduction in the principal amount, known as a haircut, indicated at 18% in a recent investor presentation, saying the government was ignoring the fact that Ethiopia faces a liquidity issue, not an insolvency one.



&#8220;The authorities are making good faith efforts to agree terms with Eurobond holders,&#8221; the IMF said.



(Reporting by Duncan Miriri; Editing by Bernadette Baum)

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IMF raises Ethiopia’s international reserves target after first review

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/WH675YVHBZPIZNYJUJB4CMI73E.avif" alt="" class="wp-image-550493"/><figcaption class="wp-element-caption">A view shows a toll station on the Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector saw a modest improvement in business conditions in October, as activity levels and employment returned to growth, an S&amp;P Global survey showed on Tuesday.



The headline Purchasing Managers&#8217; Index (PMI) rose to 50.4 in October from 49.7 in September, indicating a marginal upturn in the health of the private sector. A PMI reading above 50.0 signals growth, while below that level indicates contraction.



Business activity increased for the second time in three months, driven by rising sales and greater client interest, despite ongoing cash flow challenges and political uncertainty. Employment levels also rose for the first time since July, although the pace of job creation was mild.



&#8220;Despite the slight rise in output, many firms continued to struggle with cash flow constraints, tough economic conditions, rising costs and political uncertainty,&#8221; the survey reported.



Purchasing efforts accelerated, leading to the most significant increase in inventories since August 2023, as firms stocked up in anticipation of new customers. Input cost pressures remained mild, resulting in only a slight rise in average prices charged.



Confidence regarding future activity rose to a four-month high, with firms planning new outlets and investments in products and marketing. However, sentiment remained subdued compared to historical trends.



While input prices rose modestly, driven by higher tax payments and material costs, reduced fuel prices helped keep cost burdens lower than last year. As a result, the increase in selling prices was among the slowest in nearly four years.



(Reporting by Reuters; Editing by Toby Chopra)

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Kenya’s private sector activity returns to growth in October, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 4 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Monday, as foreign exchange supply from tourism and tea exports matched demand from the manufacturing and oil sectors, one trader said.



The shilling traded at 128.50/129.50 to the dollar at 0656 GMT, the same as last Thursday&#8217;s closing rate. The markets were closed Friday for a public holiday.



(Reporting by Sonia Rao; Editing by Hereward Holland)

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Kenya shilling steady on tourism, tea exports

<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, Nov 4 (Reuters) &#8211; The Ugandan shilling was stable on Monday, drawing some support from muted hard currency appetite by merchandise importers, traders said.



At 0826 GMT commercial banks quoted the shilling at 3,655/3,665, same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling stable on muted FX appetite

<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, Nov 1 (Reuters) &#8211; The Ugandan shilling was broadly stable on Friday and appeared on a strong footing, with subdued hard currency appetite across the board, traders said.



At 0955 GMT commercial banks quoted the shilling at 3,656/3,666, compared to Thursday&#8217;s close of 3,658/3,668.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling broadly stable on subdued FX appetite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="472" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-820x472.jpg" alt="" class="wp-image-549004" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-820x472.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-300x173.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-156x90.jpg 156w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-768x442.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-1536x884.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/T2GG5DOWQBNVBM4YVJ2KDX65FE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Interior Minister Kithure Kindiki speaks during a press conference in Kilifi county, Kenya March 27, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Nov 1 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s new deputy president Kithure Kindiki was sworn in on Friday after a court lifted orders barring his inauguration following weeks of legal challenges by his predecessor, who was impeached by parliament last month.



The Senate voted to remove Deputy President Rigathi Gachagua from office in October on a handful of charges including gross violation of the constitution and stirring ethnic hatred &#8211; accusations that he rejects and has dismissed as politically motivated.



Kenya&#8217;s High Court had put a hold on Kindiki&#8217;s inauguration after Gachagua and his supporters filed over 30 court challenges to prevent his dismissal and replacement.



But the stay order was lifted on Thursday, with judges saying that the deputy president position should not remain vacant according to the constitution.



Gachagua&#8217;s legal battles extended months of political turbulence in the country, East Africa&#8217;s largest economy, that began with nationwide protests against unpopular tax hikes in June.



President William Ruto invited opposition members into his cabinet to create what he called a unity government in July in an attempt to ease tensions after demonstrators stormed parliament.



The political realignment also sidelined Gachagua, who had been a valuable asset for Ruto during his election campaign, helping secure a large block of votes from the populous Mount Kenya region. The two men have since fallen out.



Kindiki was a top contender to be Ruto&#8217;s running mate during the 2022 election and was appointed interior minister shortly after the president took office in September that year.



Ruto appointed Foreign Minister Musalia Mudavadi as interior minister late on Thursday.



(Reporting by Hereward Holland; Editing by Ammu Kannampilly, Sonali Paul and Angus MacSwan)

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IMF raises Ethiopia’s international reserves target after first review

Kenya’s private sector activity returns to growth in October, PMI shows

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Ugandan shilling broadly stable on subdued FX appetite

Kenya’s new deputy president sworn in after challenge from predecessor

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East Africa

Kenyan shilling weakens due to increased FX demand from various sectors

Ugandan shilling stable; to firm due to remittance inflows

Kenyan shilling weakens slightly as dollar demand increases

Kenyan shilling stable versus dollar – LSEG data

Mauritius’ PM says his alliance heading for huge election defeat

Kenyan shilling steady; FX inflows from tourism, agriculture meet demand

Mozambique opposition stages biggest protest yet as police crack down

Kenya’s central bank to hold next rate-setting meeting on Dec 5

Ugandan shilling flat, under pressure from fuel importers

Kenyan shilling unchanged on tourism, tea FX inflows

Safaricom trims forecast on Ethiopia’s birr depreciation

IMF raises Ethiopia’s international reserves target after first review

Kenya’s private sector activity returns to growth in October, PMI shows

Kenya shilling steady on tourism, tea exports

Ugandan shilling stable on muted FX appetite

Ugandan shilling broadly stable on subdued FX appetite

Kenya’s new deputy president sworn in after challenge from predecessor

News Tips

Advertise With Us

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