<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)

ANCK25OQIFMHTJYACOM5XU5T24

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 Economy Following Rate Cut

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)

Ugandan shilling weaker due to FX demand from energy sector

<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/ZCC42XEXUBJ3HISRP7XYZFWFXM-820x547.jpg" alt="" class="wp-image-510295" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/ZCC42XEXUBJ3HISRP7XYZFWFXM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Smoke rises from inside a car, during an anti-government demonstration following nationwide deadly riots over tax hikes, within Pipeline estate, near the Jomo Kenyatta International airport (JKIA) in Nairobi, Kenya, July 23, 2024. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s police fired tear gas to prevent scuffles between groups of protesters and government supporters in the capital Nairobi on Tuesday, as youth-led demonstrations against alleged corruption and misgovernance dragged into their sixth week.



Protests, which began in opposition to tax hikes and climaxed in the storming of parliament, have continued despite President William Ruto abandoning the $2.7 billion finance bill in June.



At the time, he also fired almost all of his cabinet, although he retained many holdovers from the prior administration when he named part of his new line up last Friday. On Tuesday, Ruto announced further changes including swapping his defence and environment ministers.



For the first time since protests began on June 18, a group of government supporters, mostly on motorcycles, paraded through downtown Nairobi blowing whistles and plastic horns and carrying placards reading &#8220;We support the president&#8221; and &#8220;Enough is enough.&#8221;



&#8220;We will make sure that business must go back to normal in this city. We condemn the protests,&#8221; said one government supporter, who declined to give his name.



Police have said the protests, which have claimed at least 50 lives, have been infiltrated by criminal gangs.



Anti-government protesters chanted what has become their most defining mantra: &#8220;Ruto must go.&#8221;



&#8220;The police are only targeting us peaceful demonstrators, while hired goons, covered in masks on motorbikes with concealed number plates are moving in plain sight as the police just watch,&#8221; said one protester, who also declined to give a name.



<h2 class="wp-block-heading" id="h-airports-operate-normally">AIRPORTS OPERATE NORMALLY</h2>



In Pipeline Estate in Embakasi, a neighbourhood in the east of the city, men in army and air force fatigues assisted the police in running battles with groups of people, a Reuters journalist said.



It wasn&#8217;t clear if they were protesters or simply rioters, the journalist said. The police spokesperson, the commander of the Nairobi police force and the army spokesperson did not immediately respond to Reuters&#8217; requests for comment.



Having previously said he was listening to protesters&#8217; demands, Ruto struck a less conciliatory tone on Sunday, saying he would protect the peace and stability of the nation and deal firmly &#8220;with those who are engaged in mayhem, in anarchy.&#8221;



Leading activists in the otherwise leaderless protest movement called on people to &#8220;occupy&#8221; Nairobi&#8217;s main airports on Tuesday, but heavy police presence on surrounding roads prevented any serious disruption.



The airport&#8217;s operator asked passengers to arrive hours before flights because of enhanced security checks.



(Additional reporting by Humphrey Malalo; Writing by George Obulutsa and Hereward Holland; Editing by Duncan Miriri, Michael Perry and Sharon Singleton)

Demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill, in Nairobi

Kenya police fire tear gas to stop scuffles between pro and anti-government groups

<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 23 (Reuters) &#8211; The Ugandan shilling weakened slightly on Tuesday on the back of some demand for dollars from merchandise importers and commercial banks, traders said.



At 0943 GMT commercial banks quoted the shilling at 3,692/3,702, compared with Monday&#8217;s closing rate of 3,688/3,698.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling slightly weaker on importer FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg" alt="" class="wp-image-510152" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/42CTWLL6LJPYDHMYIWIJ6ISWHI-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">President William Kipchirchir Ruto of Kenya speaks during a plenary session of the Summit on peace in Ukraine, in Stansstad near Lucerne, Switzerland, June 16, 2024. URS FLUEELER/Pool via REUTERS/File Photo</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has submitted an economic repair plan to the International Monetary Fund and it expects the fund&#8217;s board to review it for approval at the end of August, the country&#8217;s chief minister told a parliamentary panel.



Kenya had to rapidly draw up new spending cuts after widespread youth-led protests against tax hikes previously put forward by President William Ruto&#8217;s government left at least 50 people dead.



Kenya&#8217;s chief minister Musalia Mudavadi said that the Treasury &#8220;has had a very robust engagement with the International Monetary Fund&#8221; despite the tax-hike setback.



&#8220;It is our desire and hope that Kenya&#8217;s proposition will receive favourable consideration so that we can move beyond the challenges that we are facing,&#8221; Mudavadi told the parliamentary budget committee in remarks seen by Reuters on Tuesday.



The IMF did not immediately comment. The East African nation has a $3.6 billion IMF programme, and the Fund had reached a staff level agreement on the seventh review of Kenya&#8217;s programme in early June.



But its board had not signed off on the review when Ruto scrapped the tax hikes that were a core part of its plan to meet IMF targets, and investors said the political turmoil would make getting IMF cash trickier.



Even at the review, Kenya had sought IMF waivers after failing to meet two targets on balancing the budget and tax collection.



Mudavadi said that under the revised spending plan for the 2024/25 financial year, the budget deficit is projected to rise to 4.2% of gross domestic product, up from 3.3% before the withdrawal of the finance bill.



&#8220;The revision to the deficit barely a week after the initial plan underlines the herculean task faced by the authorities to achieve their fiscal consolidation goals,&#8221; Ayodeji Dawodu, head of Africa research and strategy with boutique investment banking group BancTrust &amp; Co said in a note.



(Reporting by Duncan Miriri; Editing by Alison Williams, Libby George and Alexandra Hudson)

42CTWLL6LJPYDHMYIWIJ6ISWHI (1)

IMF to consider Kenya’s economic plan at end of August, chief minister says

<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 23 (Reuters) &#8211; Kenya&#8217;s shilling weakened against the dollar on Tuesday, traders said, weighed on by banks covering their positions.



At 0801 GMT, the shilling traded at 131.50/132.50 per dollar, compared with Monday&#8217;s closing rate of 130.50/131.50.



The higher demand for dollars was driven by the need to support importers in sectors like manufacturing and energy, traders said.



Investors have also expressed concerns about political turmoil sparked by violent protests, which started last month, against a government plan to hike taxes.



(Reporting by George Obulutsa and Duncan Miriri)

Kenya’s shilling eases against the dollar on bank demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1241" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg" alt="" class="wp-image-510149" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-820x497.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-149x90.jpg 149w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-768x465.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/CP5TTKOKHFOJDPSDGWT5QFQDP4-1536x931.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda security forces patrol near the National Unity Platform (NUP) political party offices led by Robert Kyagulanyi, popularly known as Bobi Wine, ahead of anti-government protests at the Makerere Kavule, in the suburb of Kampala, Uganda July 22, 2024. REUTERS/Abubaker Lubowa</figcaption></figure>



KAMPALA, July 23 (Reuters)&nbsp;&#8211;&nbsp;Ugandan security forces detained a number of young people on Tuesday in downtown Kampala who were taking part in a banned rally against what the protesters say are rampant corruption and human rights abuses by the country&#8217;s rulers.



A Reuters witness saw the detentions being made, while a video posted by NTV Uganda on the X social media platform also showed a small group of young people being intercepted and detained by police while they were marching.



The protesters were holding placards and shouting slogans denouncing corruption. One wore a T-shirt bearing the words &#8220;Speaker Must Resign&#8221;.



A police spokesman was not immediately available to say how many people had been detained.



Authorities banned the planned protest, citing intelligence they said showed criminally-minded youths might hijack it in order to loot and vandalise.



Soldiers and police have been deployed around the parliament building and in the centre of the Ugandan capital with the aim of deterring any protesters.



All roads to the parliament were blocked off, with only lawmakers and other parliamentary staff having access, and NTV Uganda images showed military&nbsp;armoured personnel carriers&nbsp;patrolling the area.



Ugandans&nbsp;with businesses near parliament were experiencing difficulty getting to their premises.



&#8220;It&#8217;s like a war zone,&#8221; Edwin Mugisha, who works in Kampala, told Reuters,&nbsp;referring to the military&nbsp;patrols.



On Monday police sealed off the offices of Uganda&#8217;s biggest opposition party, accusing it of mobilising for the protests, and detained some party officials, including its lawmakers.



The party denied it was organising the march, but said it supported it.



Opposition leaders and rights activists say embezzlement and misuse of government funds are widespread in Uganda. They&nbsp;have long accused&nbsp;President Yoweri&nbsp;Museveni of failing to prosecute corrupt senior officials who are politically loyal or related to him.



Museveni has repeatedly denied condoning corruption and says whenever there is sufficient evidence,&nbsp;culprits&nbsp;including lawmakers and even ministers&nbsp;are prosecuted.



(Writing by Elias Biryabarema; Editing by George Obulutsa, Clarence Fernandez and Gareth Jones)

Police and troops block Ugandan opposition NUP’s headquarters ahead of protest, in Kampala

Heavy security patrols in Uganda’s capital ahead of planned protest

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1367" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg" alt="" class="wp-image-510146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-2161691446-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 16: Demonstrators opposed to the &#8220;Finance Bill 2024&#8221;, which proposes a tax bill, march towards the parliament building to protest against the government in Nairobi, Kenya on July 16, 2024. The Kenyan Parliament passed the Finance Bill 2024 last month, with 204 members voting in favor and 105 against. (Photo by Gerald Anderson/Anadolu via Getty Images)</figcaption></figure>



NAIROBI, July 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s police has asked protesters to avoid marching to the capital&#8217;s main airport and its environs, while the airport&#8217;s operator has asked passengers to arrive hours before flights due to enhanced security checks.



Youth-led protests across Kenya against proposed tax hikes have continued even after President William Ruto withdrew the legislation in late June and fired almost all of his cabinet. He named part of his new cabinet on Friday, mostly retaining holdovers from the cabinet he had sacked.



Some protesters had mobilised to march to the airport, prompting the police warning.



Activists say they want Ruto to resign and are calling for reforms to clean up corruption and address poor governance and service delivery at national and regional governments.



Protesters should avoid going into restricted areas, including airports, Douglas Kanja, acting police inspector general, said in a statement late on Monday.



Airport operator Kenya Airports Authority advised passengers using the Jomo Kenyatta International Airport to arrive earlier than usual.



Police have in the past said the protests, which have claimed at least 50 lives since erupting nearly a month ago, had been infiltrated by criminal gangs.



The marches began peacefully but later turned violent.



Some demonstrators briefly stormed parliament on June 25, and the police opened fire.



(Writing by George Obulutsa; Editing by Duncan Miriri and Michael Perry)

Demonstration against tax bill in Kenya

Kenya police warn against protests at capital’s main airport

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-scaled.jpg" alt="" class="wp-image-493552" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/DASF5S7CCBO4TFSBMEVWMCUQT4-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Tanzania&#8217;s President Samia Suluhu Hassan speaks with U.S. Vice President Kamala Harris (not pictured) during a meeting inside the Eisenhower Executive Office Building at the White House in Washington, U.S., April 15, 2022. REUTERS/Elizabeth Frantz/File Photo</figcaption></figure>



DAR ES SALAAM, July 22 (Reuters)&nbsp;&#8211;&nbsp;Tanzania&#8217;s President Samia Suluhu Hassan has fired two senior members of government including the foreign minister in a mini-cabinet reshuffle, her office said.



The changes came as Hassan seeks to regain trust from foreign powers over a programme of economic and political reforms, including easing restrictions on opposition parties and media, that some critics had seen as faltering.



The presidency announced late on Sunday that Hassan terminated the appointments of the minister of foreign affairs and East Africa cooperation, January Makamba, and the minister of information, communication and information technology, Nape Nnauye.



They are influential figures in the ruling party, Chama cha Mapinduzi (CCM).



No reason was given for their removal. Makamba and Nnauye did not immediately respond to requests for comment.



The dismissal of Nnauye comes a week after comments he made surfaced in a video, saying elections results would depend on who counts votes and announces the results.



Nnauye later apologised, saying it was a joke, but activists and some social media users said the statement undermined Hassan&#8217;s push to improve democracy.



Hassan appointed Mahmoud Thabit Kombo as new foreign affairs minister and Jerry Silaa as minister of information, communication and information technology.



Before Kombo&#8217;s appointment, he was Tanzania&#8217;s ambassador to Italy while Silaa was the minister of lands, housing and human settlements development. Two more ministers and deputy ministers were also appointed, the presidency said.



In power since 2021, Hassan&#8217;s government has won praise for rolling back her predecessor&#8217;s crackdowns on the opposition and civil rights groups. But arrests last year of a lawyer and an opposition politician have raised questions over her government&#8217;s human rights record.



(Reporting by Nuzulack Dausen; Editing by George Obulutsa and Andrew Cawthorne)

FILE PHOTO: U.S. Vice President Kamala Harris meets with Tanzania’s President Samia Suluhu Hassan inside the Eisenhower Executive Office Building at the White House in Washington

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Kenya police fire tear gas to stop scuffles between pro and anti-government groups

Ugandan shilling slightly weaker on importer FX demand

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East Africa

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

Kenya police fire tear gas to stop scuffles between pro and anti-government groups

Ugandan shilling slightly weaker on importer FX demand

IMF to consider Kenya’s economic plan at end of August, chief minister says

Kenya’s shilling eases against the dollar on bank demand

Heavy security patrols in Uganda’s capital ahead of planned protest

Kenya police warn against protests at capital’s main airport

Tanzania’s president dismisses foreign, information ministers

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