<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1530" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg" alt="" class="wp-image-512977" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-300x224.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-820x613.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-768x574.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OZEB7WQTRJX3G7KJCGNA3OJYU-1536x1148.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A person walks through a flooded street, following a heavy rainfall in Kassala, eastern Sudan, July 26, 2024. REUTERS/Mohammed Abdel Majid/File Photo</figcaption></figure>



CAIRO, July 30 (Reuters)&nbsp;&#8211;&nbsp;Thousands of people are stranded on the streets of the eastern Sudanese city of Kassala as a deluge of rain compounds the suffering of more than a million Sudanese who sought refuge in the region from a 15-month-old war.



The rainy season that began earlier this month has already damaged shelters, made roads unusable, and will put millions at risk of water-borne diseases across large areas of the country.



It comes as the number of displaced people within Sudan, currently more than 10 million, continues to tick up as the paramilitary Rapid Support Forces (RSF) expands its territory in the war with the national army.



The war erupted in April 2023 and has sparked warnings of famine and what the United Nations has labelled the world&#8217;s largest humanitarian crisis.



Some 765,000 people are sheltering in Gedaref state, and more than 255,000 people are in Kassala state, which saw the worst of the rains over the weekend, according to the United Nations.



The most recent wave of 165,000 people is from Sennar state, many arriving on foot in the rain in recent weeks. More than 10,000 who arrived in Kassala city were packed in the few remaining empty buildings, including a school courtyard and an empty hangar, which quickly flooded with water.



&#8220;We endured the sun beating down on us, but we can&#8217;t handle the rain,&#8221; said Nada Omer.



They now wait under store awnings or tarps in the street, with heavier than usual rains expected to continue until September. Some have rejected a plan to move them outside the city, a government official and aid workers said, where there would be few income opportunities.



&#8220;We are waiting in the street and have nowhere to settle,&#8221; said Hussein Abdo, another displaced person.



At least five people have reportedly been killed because of the rains, according to the United Nations.



Those who arrived earlier from Khartoum or El Gezira state, or in slightly drier al-Gedaref, are not much better off, sleeping on the floor in schools with few services and makeshift, shallow toilets that have also been flooded.



Little was done to prepare for the situation, said Plan International&#8217;s Mohammed Qazilbash. &#8220;We are coming up to 500 days of the war, and everybody is exhausted&#8230; It&#8217;s one tragedy over another over another,&#8221; he told Reuters.



The government and aid workers are bracing for the expected rise in water-borne diseases, including cholera, malaria, and dengue fever, with few medicines to treat them.



&#8220;We are sharing what is available, but it is above our capacity&#8221; said Dr Ali Adam, head of the state health ministry.



The rainy season impacts most of the country. Last week, more than 1,000 houses and 800 latrines were destroyed by rain at Zamzam camp in North Darfur, one of the locations in the country where experts say famine is likely.



Meanwhile, the RSF&#8217;s advance has not stopped, and on Monday it said it had reached an area about 180km (112 miles) from Gedaref, one of the states that has sheltered the most people.



Kassala, the only neighbouring army-controlled state, does not have capacity to absorb people from Gedaref, nor does the army&#8217;s de facto capital Port Sudan, on the Red Sea.



&#8220;People are scared, but there&#8217;s no options,&#8221; said a volunteer in the Gedaref emergency response room. &#8220;They are awaiting their fate, the other cities are full.&#8221;



(Reporting by Nafisa Eltahir, additional reporting by Mohammed Abdulmajid; Editing by Aidan Lewis, Alexandra Hudson)

FILE PHOTO: Heavy rainfall in Kassala, eastern Sudan

Rain and floods add to misery of Sudanese displaced by war

<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, July 30 (Reuters) &#8211; The Ugandan shilling was little-changed on Tuesday, although it was forecast to strengthen due to a slowdown in importer demand for dollars, traders said.



At 0929 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Monday&#8217;s closing rate of 3,720/3,730.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling little-changed, to firm due to slow importer 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, July 30 (Reuters) &#8211; Kenya&#8217;s shilling held steady on Tuesday, with traders projecting that dollar inflows from the tourism and agriculture sectors would bolster its strength.



Commercial banks quoted the shilling at 130.00/131.00 per dollar at 0800 GMT, unchanged from Monday&#8217;s closing rate.



(Reporting by George ObulutsaEditing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Steady Kenyan shilling eyes boost from dollar inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="518" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg" alt="" class="wp-image-512885" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-820x518.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-768x485.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-1536x970.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/DGAHVCEXSZM6TMN4UILJZG75SQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Samples of different beer flavours are displayed at the East African Breweries&#8217; microbrewery as the company released its half-year results in Ruaraka, Nairobi, Kenya, January 26, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



AIROBI, July 30 (Reuters) &#8211; Kenya&#8217;s East African Breweries said on Tuesday its pretax profit dropped to 16.77 billion Kenyan shillings ($129.0 million) in its full year to end-June, down from 18.71 billion shillings in the previous year.



EABL, which also operates in Uganda and Tanzania, said net revenues were up 13% to 124.13 billion shillings, while foreign exchange losses rose to 3.87 billion shillings from 2.10 billion shillings.



Net finance costs rose 8.18 billion shillings from 5.49 billion shillings, it said.



($1 = 130.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Tom Hogue)

Kenya’s East African Breweries half-year results

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg" alt="" class="wp-image-493882" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/6A7M3AO7TJLVNGKEVN2F6TDGYE-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri Gripas</figcaption></figure>



WASHINGTON, July 29 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia has secured an agreement with the International Monetary Fund for a new financing program worth $3.4 billion, the IMF said on Monday.



Ethiopia&#8217;s central bank floated the country&#8217;s birr currency on Monday, a key step to secure IMF support, and to make progress on a long-delayed debt restructuring.



The Horn-of-Africa nation, which is struggling with high inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its debt at the end of last year.



It has been in talks with the IMF since last year to establish a new lending program, after the last fund-supported program agreed in 2019 was abandoned due to conflict in the northern region of Tigray that ended with a November 2022 peace deal.



Reuters previously reported Ethiopia was seeking to secure about $3.5 billion in a deal with the IMF.



The IMF said the agreement will enable an immediate disbursement of about $1 billion.



Africa&#8217;s second-most populous country requested a debt restructuring under the Group of 20&#8217;s Common Framework process in early 2021, but progress was slowed by the civil war in Tigray that lasted two years.



The government in Addis Ababa has unveiled some economic reforms, which analysts say are linked to the negotiations for a new IMF program, including the adoption of an interest rate-based monetary policy earlier this month.



(Reporting by Jasper Ward and Eric Beech; Writing by Duncan Miriri;)

IMF logo is seen outside the headquarters building in Washington

IMF, Ethiopia reach deal for $3.4 billion in financing

<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, July 29 (Reuters) &#8211; The Ugandan shilling was firmer on Monday on the back of inflows of dollars from non-governmental organisations and some commodity exporters such as coffee, traders said.



At 0846 GMT commercial banks quoted the shilling at 3,710/3,720, compared with Friday&#8217;s closing rate of 3,720/3,730.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling strengthens; NGO dollar inflows help

<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, July 29 (Reuters) &#8211; The Kenyan shilling slightly strengthened early on Monday, and traders anticipate further gains backed by expected dollar inflows from tea exports.



At 0807 GMT, commercial banks quoted the shilling at 130.50/131.50, a slight increase compared to Friday&#8217;s closing rate of 130.75/131.75.



(Reporting by George Obulutsa; Editing by Bate Felix)

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’s shilling firms, tea export dollars to add more lift

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-820x538.jpg" alt="" class="wp-image-512465" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-1536x1008.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2ULCJYYHB5OH5O2DRQ44X3IBDI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Ethiopia&#8217;s birr notes in Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, July 29 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s central bank floated the birr currency on Monday, a move it hopes will secure International Monetary Fund (IMF) support and&nbsp;enable&nbsp;progress on a long-delayed debt restructuring.



The birr&#8217;s value against the U.S. dollar slumped by 30% to 74.73 per dollar, the country&#8217;s biggest lender, Commercial Bank of Ethiopia said. The currency had been trading at 57.48 birr to the dollar on Friday.



The Horn of Africa nation, which has been struggling with soaring inflation and chronic foreign currency shortages, became the third economy on the continent in as many years to default on its government debt last December.



It has been in talks with the IMF to establish a new lending programme after the last programme,&nbsp;agreed in 2019,&nbsp;was abandoned due to conflict in the northern region of Tigray. Negotiations resumed after a November 2022 peace deal.



The central bank said in a statement on the float that &#8220;banks are henceforth allowed to buy and sell foreign currencies from/to their clients and among themselves at freely negotiated rates&#8221; and that it would only make &#8220;limited interventions&#8221; in the FX markets going forward.



The reforms were initially announced by Prime Minister Abiy Ahmed late on Sunday.



Central bank governor Mamo Mihretu said in an online video that,&nbsp;as part of the reforms, Ethiopia would get $10.7 billion in external financing from the IMF, the World Bank, and other creditors.



&#8220;The IMF and World Bank are both providing exceptional and front-loaded funding support that will be among their highest such allocations in the African continent,&#8221; he said.



Importers, who had been relying on the black market to secure dollars, expressed relief at the central bank&#8217;s move.



&#8220;Now I don&#8217;t need to go to black market to buy or sell dollars. It is now a market-based foreign exchange regime, so (we) will buy or sell based on the legal channels,&#8221; said a businessman in the capital Addis Ababa, who did not want to be named.



The IMF did not immediately respond to a request for comment. The fund&#8217;s executive board was scheduled to meet on Monday to discuss a new programme for Ethiopia, Bloomberg news agency reported. Reuters could not confirm the meeting.



Ethiopia&#8217;s main $1 billion dollar government bond edged higher to reach 75.42 cents on the dollar by 1400 GMT, its highest level since early 2022.



The United States welcomed the shift.



&#8220;Market-based FX is a difficult, but necessary step for Ethiopia to address macroeconomic distortions,&#8221; the U.S embassy in Addis Ababa posted on social media platform X.



Ethiopia, Africa&#8217;s second-most populous country, requested a debt restructuring under the Group of 20&#8217;s Common Framework process in early 2021, but&nbsp;the war in Tigray slowed&nbsp;progress.



The government previously announced other reforms that analysts say are linked to the IMF talks, including adopting an interest rate-based monetary policy earlier this month.



Some said the longer-term impact of the devaluation was less clear.



&#8220;The consequences of exchange rate regime change will take some time to be reflected on the economy,&#8221; Abdulmenan Mohammed, an Ethiopian economic analyst based in Britain, told Reuters. He said it could result in an increased cost of living &#8220;which will mainly affect the urban poor, the jobless, the pensioners, the low-paid employees.&#8221;



(Reporting by Dawit Endeshaw; Additional reporting by George Obulutsa in Nairobi and Marc Jones in London; Writing by Duncan Miriri; Editing by Ros Russell and Angus MacSwan)

Ethiopia’s economy struggles due to shortage of foreign currency

Ethiopia’s birr drops 30% as central bank floats currency

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" 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, July 26 (Reuters) &#8211; The Ugandan shilling was steady on Friday, but was expected to weaken on the back of increased demand for dollars from commercial banks, traders said.



At 0813 GMT, commercial banks quoted the shilling at 3,735/3,745, compared with Thursday&#8217;s closing rate of 3,732/3,742.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

GettyImages-924883576-1

Ugandan shilling stable; to ease due to commercial bank 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, July 26 (Reuters) &#8211; Kenya&#8217;s shilling gained ground on Friday, helped by dollar inflows from tea exporters, trader said.



At 0808 GMT, commercial banks quoted the shilling at 131.50/132.50, compared with Thursday&#8217;s closing rate of 132.50/133.50.



The central bank has also sold dollars during the week, traders said, helping to support the shilling.



(Reporting by George Obulutsa; Editing by Duncan Miriri)

Kenya shilling firms, tea export dollar inflows help

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg" alt="" class="wp-image-511113" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/48085890627_1aed377e0b_k-820x615-1-768x576.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photos: via Flickr</figcaption></figure>



July 25 (Reuters) &#8211; Malawi&#8217;s central bank kept its benchmark lending rate unchanged at 26.0% in a decision announced on Thursday.



(Reporting by Bhargav Acharya; writing by Tannur Anders; editing by Mark Heinrich)

48085890627_1aed377e0b_k-820×615

Malawi central bank keeps main interest rate unchanged at 26%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg" alt="" class="wp-image-511030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-1536x999.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/AIWBQMUGNNKINK5I5LYWF6KGQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Protestors chant slogans during a rally against what they say are rampant corruption and human rights abuses by the country&#8217;s rulers in Kampala, Uganda July 23, 2024. REUTERS/Michael Muhati/File Photo</figcaption></figure>



KAMPALA, July 25 (Reuters)&nbsp;&#8211;&nbsp;Ugandan police detained several people in the capital Kampala on Thursday during a second day of anti-corruption protests that are demanding the resignation of the parliament speaker, footage broadcast by local media showed.



Drawing inspiration from weeks of youth-led protests in neighbouring Kenya that forced the president there to withdraw proposed tax hikes, young Ugandans began demonstrating this week against alleged graft by elected leaders.



The police quickly shut down a planned march to parliament on Tuesday. They arrested at least 73 young protesters, according to Chapter Four Uganda, an organisation providing legal services to those detained.



On Thursday, more demonstrators took to the streets, according to video posted on X by the Daily Monitor newspaper. The footage showed police in riot gear forcing several&nbsp;young adults&nbsp;into the back of a truck as they shouted protest slogans.



Footage broadcast by NTV Uganda showed about a dozen people marching with signs that said, &#8220;The Corrupt are Messing with a Wrong Generation&#8221; and &#8220;This is our 1986&#8221;, a reference to when President Yoweri Museveni overthrew a repressive government.



Reached for comment, police spokesperson Kituuma Rusoke referred Reuters to comments on Monday in which he said protests had been banned because they would be hijacked by people looking to loot and vandalise.



Museveni, who over the weekend warned protesters against &#8220;playing with fire&#8221;, accused them on Thursday of receiving foreign funding.



&#8220;Those involved should know that Uganda is not a neo-colony,&#8221; he said. &#8220;The fight against corruption is in my hands. I just need evidence and action will be taken.&#8221;



Ugandan and Kenyan activists have used audio forums on X as the main platform for organising their protests.



In one such forum on Thursday, activists encouraged Ugandans to take to the streets but acknowledged the challenge of mobilising in a country where anti-government demonstrations routinely draw forceful police crackdowns.



&#8220;You want it done today? Get out of your house &#8230; Be the soldier for this anti-corruption fight,&#8221; said one speaker identified only by their X handle.



The protesters&#8217; demands include the resignation of parliament speaker Anita Among, who was sanctioned this year by the United States and Britain for alleged involvement in corruption.



Among has denied all allegations of graft and says she is being targeted by Western governments for her role pushing through harsh anti-LGBTQ legislation last year.



The Ugandan protesters have borrowed slogans from their counterparts in Kenya, where more than 50 people have been killed in six weeks of protests, characterising themselves as &#8220;fearless&#8221; and &#8220;leaderless&#8221;.



Nigerian activists are also looking to emulate the protests in Kenya and have called for demonstrations next month in response to a cost of living crisis.



(Reporting by Elias Biryabarema in Kampala and Aaron Ross in Nairobi; Editing by Toby Chopra)

FILE PHOTO: Ugandan security forces detain young protesters marching in Kampala

Uganda police arrest more people protesting corruption

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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, July 25 (Reuters) &#8211; The Ugandan shilling weakened on Thursday, pressured by increased demand for dollars from commercial banks, traders said.



At 0812 GMT, commercial banks quoted the shilling at 3,725/3,735, compared with Wednesday&#8217;s closing rate of 3,715/3,725.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling weakens on increased FX demand from commercial banks

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg" alt="" class="wp-image-381494" srcset="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-300x200.jpg 300w, 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-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-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: 2048px) 100vw, 2048px" /><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, July 25 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Thursday, but could to come under pressure due to offshore dollar demand, while any sales by the central bank could give it a boost, traders said.



At 0741 GMT, commercial banks quoted the shilling at 132.50/133.50 per dollar, the same as Wednesday&#8217;s rate.



(Reporting by George Obulutsa; Editing by Bate Felix)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenya shilling steady, central bank sales could provide support

<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-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, July 24 (Reuters) &#8211; Kenyan President William Ruto on Wednesday nominated four members of the main opposition party to a &#8220;broad-based&#8221; cabinet he promised in response to nationwide protests, but activists criticised the new government as a corrupt bargain.



The opposition members, including the pick to lead the finance ministry, John Mbadi, are allies of opposition leader Raila Odinga, whom Ruto defeated in the 2022 election.



In a speech from his official residence, Ruto called the new government &#8220;a visionary partnership for the radical transformation of Kenya&#8221; and thanked those who had consulted on its formation for the &#8220;historic gesture of their patriotism&#8221;.



Young protesters behind six weeks of demonstrations that forced Ruto to withdraw $2.7 billion in tax hikes said the unity government would perpetuate a tradition of leaders co-opting the opposition at the expense of the population.



More than 50 people have been killed in the protests, which are the biggest crisis of Ruto&#8217;s two years in power.



Demonstrations have continued even after he shelved the tax raises, with many activists now calling for him to resign and for far-reaching reforms to tackle graft.



&#8220;Zakayo has appointed corrupt people to fight corruption,&#8221; Boniface Mwangi, a prominent anti-government activist, wrote on X.



Zakayo is the Swahili name for a greedy tax collector in the Bible that protesters have used as a nickname for Ruto.



&#8220;It&#8217;s important to note @RailaOdinga is a traitor. He has betrayed the people, and formed a government of national looting with Zakayo,&#8221; Mwangi said.



On Monday, Odinga&#8217;s Orange Democratic Movement said it was not in negotiations with the government &#8220;for any coalition or political arrangement&#8221;. The ODM was due to hold a news conference shortly after Ruto&#8217;s speech.



The party&#8217;s coalition allies have strongly opposed a unity government.



<h2 class="wp-block-heading" id="h-new-protest-calls">NEW PROTEST CALLS</h2>



Besides the four opposition members, Ruto named five members of the cabinet he dismissed earlier this month in response to protesters&#8217; demands. Last week, Ruto announced 11 nominations &#8211; six of whom were holdovers from the previous cabinet.



The background of one of the nominees on Wednesday was not immediately clear. Ruto said he would announce additional nominees soon.



He also said he would be proposing amendments to anti-corruption and public procurement laws and called on the police to release any innocent people who may have been arrested during the demonstrations.



The protests, which have been mostly organised online and have no official leaders, began peacefully but turned violent as the police fire tear gas and live rounds. Some demonstrators briefly stormed parliament on June 25.



Activists circulated calls on social media for a march on Thursday to present a petition to the office of the president and lay flowers at parliament for those killed a month earlier.



Ruto initially praised protesters for being peaceful and mobilising across the ethnic lines that have traditionally defined Kenyan politics.



But he has stepped up his criticism of the protest movement in recent days. In comments over the weekend, he vowed to stop the demonstrations, saying they were causing &#8220;mayhem and anarchy&#8221;.



Anti-government activists have blamed incidents of violence and looting on thugs hired by politicians to discredit the movement and advance their own agendas.



(Reporting by George Obulutsa and Hereward Holland Writing by Aaron RossEditing by Peter Graff and Angus MacSwan)

COP28 In Dubai High Level Segment

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

<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, July 24 (Reuters) &#8211; Kenya&#8217;s shilling was weaker against the dollar in early trade on Wednesday, LSEG data showed.



At 0857 GMT, the shilling traded at 132.50/133.50 per dollar, compared with Tuesday&#8217;s closing rate of 132.00/132.50.



(Reporting by George Obulutsa; Editing by Bate Felix)

Kenyan shilling weakens versus dollar – LSEG data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><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, July 24 (Reuters) &#8211; The Ugandan shilling was weaker on Wednesday, hurt by a pick up in demand for dollars from the energy sector and other goods importers, traders said.



At 0803 GMT, commercial banks quoted the shilling at 3,705/3,715, compared with Tuesday&#8217;s closing rate of 3,690/3,700.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

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East Africa

Rain and floods add to misery of Sudanese displaced by war

Ugandan shilling little-changed, to firm due to slow importer demand

Steady Kenyan shilling eyes boost from dollar inflows

Kenya’s East African breweries FY pretax profit falls to 16.77 bln shillings

IMF, Ethiopia reach deal for $3.4 billion in financing

Ugandan shilling strengthens; NGO dollar inflows help

Kenya’s shilling firms, tea export dollars to add more lift

Ethiopia’s birr drops 30% as central bank floats currency

Ugandan shilling stable; to ease due to commercial bank FX demand

Kenya shilling firms, tea export dollar inflows help

Malawi central bank keeps main interest rate unchanged at 26%

Uganda police arrest more people protesting corruption

Ugandan shilling weakens on increased FX demand from commercial banks

Kenya shilling steady, central bank sales could provide support

Kenya’s Ruto names opponents to cabinet, protesters slam ‘corrupt’ deal

Kenyan shilling weakens versus dollar – LSEG data

Ugandan shilling weaker due to FX demand from energy sector

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