<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 22 (Reuters) &#8211; The Ugandan shilling was flat on Monday, drawing some support from subdued importer demand for dollars, traders said.



At 0900 GMT, commercial banks quoted the shilling at 3,690/3,700, unchanged from Friday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling flat; importer FX demand low

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, 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" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><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, July 22 (Reuters) &#8211; Kenya&#8217;s shilling edged down on Monday due to increased demand for dollars from the manufacturing sector and general goods importers, traders said.



At 0857 GMT, commercial banks quoted the shilling at 130.75/131.75 per dollar, compared with Friday&#8217;s closing rate of 130.50/131.50.



(Reporting by George Obulutsa; Editing by Duncan Miriri)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling inches down due to increased importer FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1311" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-scaled.jpg" alt="" class="wp-image-509343" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-820x525.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FKG5KKTJ3ZIJ3FXZRX4R573AVI-1536x983.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s President William Ruto addresses delegates after signing the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya July 9, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 19 (Reuters) &#8211; Kenyan President William Ruto on Friday mostly named holdovers from the cabinet he sacked last week to a new government meant to respond to the grievances of young protesters.



In a televised address, Ruto announced 11 appointments &#8211; six from the previous cabinet&nbsp;&#8211;&nbsp;with others to follow soon.



The mass firing last week was a concession to demands from youth-led protests that had already forced him to withdraw $2.7 billion in proposed tax hikes amid the biggest crisis of his two-year presidency.



The protests have resulted in more than 50 deaths since mid-June, and many demonstrators are now calling for Ruto to resign. Large protests took place again this week despite the president&#8217;s concessions.



Ruto re-appointed the ministers of interior, defence, environment and lands and changed the portfolios of two other ministers.



The appointee to be education minister, Julius Migos Ogamba, was the running mate of the outgoing education minister, Ezekiel Machogu, when Machogu stood unsuccessfully for governor of Kisii County in 2022, local media reports showed.



The nominees to be ministers of health, information, agriculture, water and education did not appear to have political backgrounds.



&#8220;I will be issuing next week a clear roadmap on the assignment that the new cabinet is going to have, with clear timelines and deliverables,&#8221; Ruto said.



The protests have left Ruto caught between pressure from lenders to pay down high debts and a public reeling from high living costs. The government has proposed austerity measures to narrow the deficit caused by shelving the proposed tax raises.



Kenyan media outlets had earlier reported that some members of the political opposition were likely to be named to Ruto&#8217;s new cabinet.



Activists behind the protests, which have no official leader and reject the entire political class as corrupt, have opposed the idea of a unity government.



They said a deal between rival coalitions would only perpetuate a tradition in Kenyan politics of leaders co-opting the opposition with jobs and perks while the population sees no benefits.



(Reporting by Aaron Ross, George Obulutsa, Humphrey Malalo in Nairobi, Tannur Anders in JohannesburgWriting by Aaron Ross Editing by Bate Felix)

Kenya’s President William Ruto signs the Independent Electoral and Boundaries Commission Amendment Bill 2024, in Nairobi

Kenya’s Ruto retains former ministers in new cabinet appointments

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, 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-924883576-1-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 19 (Reuters) &#8211; The Ugandan shilling inched lower on Friday on the back of elevated demand for hard currency from players in the interbank market, traders said.



At 0906 GMT commercial banks quoted the shilling at 3,690/3,700, compared to Thursday&#8217;s close of 3,685/3,695.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling inches lower on interbank FX demand

<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 19 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Friday but faced pressure from interbank foreign currency demand amid thin supply, traders said.



At 0717 GMT, commercial banks quoted the shilling at 131.00/132.00 per dollar, the same as Thursday&#8217;s close.



&#8220;We haven&#8217;t received demands from oil marketers. It&#8217;s mostly from the interbank space,&#8221; said one trader at a commercial bank.



(Reporting by Hereward Holland; 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

Kenyan shilling stable, pressured by interbank FX demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-820x536.jpg" alt="" class="wp-image-508945" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-1536x1004.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/KCD5AG3PPBMM3P4T4YY7RIKCA4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame prepares to cast his ballot during the Presidential election at the SOS Kinyinya polling centre in Kigali, Rwanda July 15, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



KIGALI, July 18 (Reuters)&nbsp;&#8211;&nbsp;Rwanda&#8217;s President Paul Kagame has been re-elected with 99.18% of the vote, the National Electoral Commission said on Thursday, extending his near quarter-century in office.



The two men standing against him &#8211; Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana &#8211; both conceded defeat in Monday&#8217;s election, which rights groups say was marred by a crack-down on journalists, the opposition and civil society groups. A government spokesperson repeatedly rejected such criticism during the election period.



Oda Gasinzigwa, chairperson of the National Electoral Commission, told a news conference that voter turnout was 98.20% of the nine million registered voters.



The final election results are due to be announced no later than July 27, she said.



Kagame, who got more than 93% of the vote in the last three elections, has won praise from Western and regional leaders for helping to end the 1994 genocide in Rwanda and rebuilding the country into an attractive destination for investment and aid.



His reputation has been damaged, however, by accusations of abuses at home and supporting rebels in neighbouring Democratic Republic of Congo &#8211; allegations he has repeatedly denied.



The electoral commission barred eight other candidates, including Kagame&#8217;s most vocal critics, from running, citing a range of reasons including missing and incomplete registration documents.



(Writing by George Obulutsa; Editing by Peter Graff and Mark Potter)

Rwanda President Paul Kagame votes during the presidential election in Kigali

Rwanda’s President Kagame re-elected in a landslide

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1351" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-scaled.jpg" alt="" class="wp-image-508890" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/VK3RAQB775NTBEED5CNFMICK3A-1536x1014.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Riot police officers walk to disperse protestors during an anti-government demonstration, following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill, in Nairobi, Kenya, July 16. REUTERS/John Muchucha</figcaption></figure>



NAIROBI, July 18 (Reuters) &#8211; Kenya&#8217;s government on Thursday ratcheted up its appeal for weeks of protests to stop as police banned demonstrations in the heart of the capital Nairobi, saying they had been infiltrated by criminal gangs.



Some activists called for people to gather on Thursday with camping gear to &#8220;occupy&#8221; Uhuru Park adjacent to the city centre, amid a heavy police presence across Nairobi.



At least 50 people have been killed in the youth-led protests against proposed tax hikes that broke out across Kenya a month ago and have continued even after President William Ruto withdrew the legislation and fired almost all of his cabinet.



Activists say they want Ruto to resign and are calling for reforms to clean up corruption and address poor governance.



The country has lost approximately 6 billion Kenyan shillings ($46 million) as a result of the demonstrations, government spokesperson Isaac Mwaura said, without explaining how he arrived at that figure.



&#8220;The president and the government at large (have) heard you loud and clear and we are ready to act on your concerns,&#8221; Mwaura said in a televised statement.



The protests, which have been organised online without the apparent support of opposition political figures, have created the biggest crisis of Ruto&#8217;s two years in power.



&#8220;We have credible intelligence that organised criminal groups are planning to take advantage of the ongoing protests to execute their attacks, including looting,&#8221; chief of police Douglas Kanja Kiricho said in a statement late on Wednesday.



&#8220;No demonstrations will be permitted in the Nairobi Central Business District and its surroundings until further notice to ensure public safety.&#8221;



<h2 class="wp-block-heading" id="h-broad-based-government">BROAD-BASED GOVERNMENT</h2>



In his latest concession, Ruto last week pledged to set up a broad-based government, but the opposition coalition on Wednesday rejected the idea, calling instead for a constitutional convention.



The rallies began peacefully but later turned violent.



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



Ruto&#8217;s office planned &#8220;multi-sectoral&#8221; talks for this week to address the protesters&#8217; grievances, but by Thursday there was no sign they had begun.



Most of the leading figures behind the protests have rejected the invitation, instead calling for immediate action on issues such as corruption.



&#8220;(The police and president Ruto) have no power to suspend rights guaranteed by the constitution,&#8221; activist Boniface Mwangi wrote on the social media platform X in response to the protest ban.



The Communications Authority of Kenya (CA), a regulatory body, has cautioned the media against &#8220;perpetuating&#8221; violence in their coverage of the protests, &#8220;which could potentially cause widespread civil unrest in the country&#8221;.



Some outlets have &#8220;compromised objectivity and balance in the reporting of crime, security operations and/or crisis situations,&#8221; CA chief David Mugonyi wrote in a July 17 letter to a media executive seen by Reuters.



($1 = 130.0000 Kenyan shillings)



(Reporting by Hereward Holland; Additional reporting by Humphrey Malalo; Editing by Michael Perry Ros Russell and Andrew Cawthorne)

Anti-government demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill in Nairobi

Kenya bans protests in central Nairobi, blames criminal infiltration

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, 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-924883576-1-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 18 (Reuters) &#8211; The Ugandan shilling was firmer on Thursday, helped by a slowdown in appetite for hard currency from both commercial banks and merchandise importers, traders said.



At 0830 GMT commercial banks quoted the shilling at 3,685/3,695, compared to Wednesday&#8217;s close of 3,690/3,700.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling firms on thin bank, importer FX appetite

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, 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-924883576-1-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 17 (Reuters) &#8211; The Ugandan shilling was weaker on Wednesday, undermined by an uptick in demand for dollars from merchandise importers, traders said.



At 1045 GMT, commercial banks quoted the shilling at 3,695/3,705, compared with Tuesday&#8217;s closing rate of 3,688/3,698 levels.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling weaker on uptick in importer dollar demand

<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, July 17 (Reuters) &#8211; Kenya&#8217;s shilling was stable on Wednesday as foreign exchange inflows from tea exports matched dollar demand, traders said.



At 0737 GMT, commercial banks quoted the shilling at 129.50/130.50 per dollar, the same as Tuesday&#8217;s close.



(Reporting by Hereward Holland; Editing by Alexander Winning)

Kenyan shilling stable as FX inflows from tea exports match demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg" alt="" class="wp-image-508174" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protestor reacts during an anti-government demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill in Kitengela, Kenya, July 16, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, July 16 (Reuters)&nbsp;&#8211;&nbsp;Police in Kenya fired tear gas on Tuesday to disperse hundreds of protesters aiming to keep pressure on President William Ruto after he made a series of concessions to demonstrators&#8217; demands.



Leading activists behind weeks of protests, initially sparked by proposed tax hikes, called for a &#8220;total shutdown&#8221; of the country on Tuesday.



The protests have created the biggest crisis of Ruto&#8217;s two years in power and have continued &#8211; albeit with a smaller turnout &#8211; even after the president withdrew $2.7 billion in tax hikes and fired nearly his entire cabinet.



Many demonstrators are demanding that Ruto step down, blaming him for misgovernance, corruption and the deaths of dozens of protesters during earlier anti-government rallies.



On Tuesday, police fired tear gas in Kitengela, a town on the southern outskirts of the capital Nairobi, where around 200 protesters burned tyres and chanted &#8220;Ruto must go&#8221; and &#8220;Stop killing us&#8221;, Reuters reporters said.



Riot police in Nairobi&#8217;s city centre also fired tear gas as a few dozen protesters chanted for Ruto to step down. Demonstrators in the coastal city of Mombasa marched waving palm fronds, footage from Kenyan media showed.



Ruto&#8217;s office had announced &#8220;multi-sectoral&#8221; talks for this week to address grievances raised by the protesters, but there was no sign they had begun. Most of the leading activists behind the protests have rejected the invitation, instead calling for immediate action on issues like corruption.



Ruto&#8217;s spokesperson did not immediately respond to a request for comment.



With Kenya spending over 30% of its revenues just paying the interest bills on its debt, Ruto has been caught between the demands of lenders to cut deficits and a hard-pressed population reeling from rising living costs.



The protests began peacefully but later turned violent. Some demonstrators briefly stormed parliament on June 25, and the police opened fire. More than 40 people have been killed in the protests, rights groups say.



Ruto on Monday accused the Ford Foundation, an American philanthropic organisation, of sponsoring those who had caused &#8220;violence and mayhem&#8221; in Kenya, without providing evidence.



The Ford Foundation rejected the allegation, saying it did not fund or sponsor the protests and has a strictly non-partisan policy for its grant-making.



(Additional reporting by Hereward Holland and Humphrey Malalo; Editing by Aaron Ross and Ros Russell)

Anti-government protests against the imposition of tax hikes by the government, in Kajiado

Kenya police fire tear gas as anti-government protesters burn tyres

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, 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-924883576-1-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 16 (Reuters) &#8211; The Ugandan shilling was slightly firmer on Tuesday, underpinned by hard currency inflows from commodity exporters and offshore investors looking to participate in a treasury auction, traders said.



At 0853 GMT commercial banks quoted the shilling at 3,690/3,700, compared to Monday&#8217;s close of 3,693/3,703.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan shilling firms on commodity inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" 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 countrys Treasury has already cut this years 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 via Getty Images</figcaption></figure>



NAIROBI, July 16 (Reuters) &#8211; Kenya&#8217;s shilling slid lower on Tuesday, with traders saying there was a shortage of dollars on the market.



At 0913 GMT, commercial banks quoted the shilling at 129.50/130.50 per dollar, compared with Monday&#8217;s closing rate of 128.50/129.50.



&#8220;There&#8217;s very muted demand, but even less supply of dollars,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling falls; traders cite dollar shortage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg" alt="" class="wp-image-508090" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame casts his ballot during the Presidential election at the SOS Kinyinya polling centre in Kigali, Rwanda July 15, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, (Reuters) &#8211; Rwandans lined up on Monday to elect their next president, with early results putting incumbent Paul Kagame in the lead in a vote widely expected to give him a fourth term and extend his near quarter century in charge of the East African country.



The two men standing against him &#8211; Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana &#8211; said they were hoping to make some progress, but analysts and rights groups said Kagame&#8217;s overwhelming victory was all but certain.



Kagame, who got more than 93% of the vote at the last three elections, won praise from Western and regional leaders at the time for helping end the 1994 genocide in Rwanda. The U.S. State Department and others have also lauded the development of the economy.



Rwandans are also voting on Monday for members of the lower house of parliament and provisional results are expected by July 20. Polling stations were open until 3 p.m. (1300 GMT).



The overall voter turnout was 98% of the 9 million registered voters, Oda Gasinzigwa, chair of the National Electoral Commission, said in a statement on the national broadcaster later on Monday evening.



Of 78.94% of the votes counted at about 2017 GMT, Kagame was ahead with 99.15% of the votes, data from the commission showed.



Campaign groups, including Human Rights Watch, have accused authorities of cracking down on journalists, the opposition and civil society groups before the vote. Kagame has dismissed such accusations and described himself as the stability candidate.



His reelection could signal a measure of political stability for his corner of a fractured region, but also continued global scrutiny, given the accusations of abuses and of supporting rebels in neighbouring Democratic Republic of Congo &#8211; a charge he has also denied.



Earlier on Monday, at the Rwandexco polling centre in the capital Kigali, Barimukije Pheneas said he would vote for the 66-year-old incumbent.



&#8220;We voted smoothly without any crowding, and we are happy,&#8221; Pheneas said. &#8220;I voted for Paul Kagame because he has achieved a lot for us; he united us.&#8221;



Motorcycle taxi driver Karangwa Vedaste said the voting process was calm and peaceful, but declined to say who he had chosen.



&#8220;I voted for a leader I trust. The one I voted for is a secret in my heart. We will share it when he wins,&#8221; Vedaste said.



The electoral commission barred eight other candidates, including Kagame&#8217;s most vocal critics, from running, citing a range of reasons including missing and incomplete registration documents.



Democratic Green Party candidate Habineza, whose deputy was found dead and almost beheaded in the run-up to the 2010 vote, said there had been signs of progress.



&#8220;We toured the entire country, and wherever we went, people welcomed us warmly. They gave us gifts and assured us they would vote for us,&#8221; Habineza said after voting.



&#8220;We have to maintain this momentum and not regress,&#8221; he added.



&#8220;We are confident, each of us is confident, it&#8217;s half and half,&#8221; independent presidential candidate Mpayimana told journalists after casting his vote.



The U.S. State Department says on its website Rwanda has made &#8220;progress in developing national and local government institutions, economic development, maintaining security (and) promoting reconciliation&#8221;.



It also says it backs Rwanda efforts to &#8220;increase democratic participation (and) enhance respect for civil and political rights&#8221;.



(Writing by Elias Biryabarema and George Obulutsa; Editing by Ros Russell, Michael Perry, Andrew Heavens and Sandra Maler)

Rwandans vote ‘smoothly’ in election; Kagame in early lead

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1336" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg" alt="" class="wp-image-507731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-1536x1002.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto addresses delegates after signing the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya July 9, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll back tax hikes due to mass protests.



President William Ruto last week fired almost his entire cabinet and pledged to set up a broad-based government in his latest concession to demands from protesters.



Public demonstrations began last month against the now-binned tax hikes, but went on to demand Ruto&#8217;s resignation and deep-rooted political changes to tackle corruption and poor governance.



Ruto had earlier this month proposed spending cuts and additional borrowing in roughly equal measure to fill the nearly $2.7 billion budget hole caused by the withdrawal of the tax hikes.



When lawmakers return to parliament next week they will need to debate and pass the supplementary budget, which was signed by Chris Kiptoo, principal treasury secretary on July 11, and shared on parliament&#8217;s website.



The supplementary budget projects total spending at 3.87 trillion Kenyan shillings ($30 billion), down from 3.99 trillion shillings ($31 billion), Kiptoo said.



Recurrent expenditure is estimated to fall 2.1%, while development expenditure will drop 16.4%, he said.



Despite the withdrawal of the tax-hike legislation, the energy regulator on Monday raised the road maintenance levy to 25 shillings per litre of fuel, up from 18 shillings.



Facing the worst crisis of his two-year presidency, Ruto has been caught between the demands of lenders such as the International Monetary Fund (IMF) to cut deficits, and a population struggling with the high cost of living.



The IMF said on Thursday it was assessing recent developments in Kenya and making adjustments to evolving circumstances.



($1 = 128.7500 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Arun Koyyur)

Kenya to cut spending in revised budget after tax-hike rollback

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-820x547.jpg" alt="" class="wp-image-507696" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame addresses his supporters during his final campaign rally in Gahanga, Kicukiro district in Kigali, Rwanda, July 13, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, July 15 (Reuters) &#8211; Voters in Rwanda lined up at polling stations on Monday to elect their next president, with 66-year-old incumbent Paul Kagame, who has ruled the central African country for nearly a quarter of a century, expected to cruise to victory.



Kagame has won more than 93% of the vote at each of the three previous elections. Eight candidates had applied to run against him, but only two were retained in the final list validated by the electoral commission.



The others, including Kagame&#8217;s most vocal critics, were barred for various reasons that included prior criminal convictions.



At the Rwandexco polling centre in the capital Kigali people started queueing 90 minutes before polls opened.



Voter Barimukije Pheneas said he had chosen to re-elect Kagame, who is praised for rebuilding the country in the aftermath of the 1994 genocide by prioritising development and putting in place effective social services.



&#8220;We voted smoothly without any crowding, and we are happy,&#8221; Pheneas said. &#8220;I voted for Paul Kagame because he has achieved a lot for us; he united us.&#8221;



Kagame is running against two other candidates, Frank Habineza and Philippe Mpayimana, who also challenged him at the last poll in 2017.



He is looking to win the endorsement of the more than 9 million eligible voters, who are also electing members of parliament. Provisional results are expected by July 20.



Motorcycle taxi driver Karangwa Vedaste said the voting process was calm and peaceful.



&#8220;I voted for a leader I trust. The one I voted for is a secret in my heart. We will share it when he wins,&#8221; Vedaste said.



Kagame won nearly 99% of the vote in the 2017 poll, which followed a constitutional change removing term limits that would have prevented him from standing again.



He has won acclaim for transforming Rwanda into a thriving economy but has also faced criticism from rights activists and Western nations for muzzling the media, stifling opposition and backing rebel groups in neighbouring Democratic Republic of Congo.



Rwanda&#8217;s government has denied all the accusations against it, and while campaigning, Kagame promised continued development and stability.



Its human rights record was thrown into the spotlight when Rwanda struck a migration deal in 2022 with the UK to receive thousands of asylum seekers. Britain&#8217;s new government has said it would scrap the deal.



(Writing by Elias Biryabarema; Editing by Ros Russell and Michael Perry)

Rwandan President Paul Kagame campaigns in Kigali

Rwandans vote in election expected to extend Kagame’s long rule

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, 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-924883576-1-820x547.jpg 820w, 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" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 12 (Reuters) &#8211; The Ugandan shilling was flat against the dollar on Friday, with both dollar demand and supply subdued, traders said.



At 0805 GMT, commercial banks quoted the shilling at 3,695/3,705, the same as Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

East Africa

Ugandan shilling flat; importer FX demand low

Kenyan shilling inches down due to increased importer FX demand

Kenya’s Ruto retains former ministers in new cabinet appointments

Ugandan shilling inches lower on interbank FX demand

Kenyan shilling stable, pressured by interbank FX demand

Rwanda’s President Kagame re-elected in a landslide

Kenya bans protests in central Nairobi, blames criminal infiltration

Ugandan shilling firms on thin bank, importer FX appetite

Ugandan shilling weaker on uptick in importer dollar demand

Kenyan shilling stable as FX inflows from tea exports match demand

Kenya police fire tear gas as anti-government protesters burn tyres

Ugandan shilling firms on commodity inflows

Kenyan shilling falls; traders cite dollar shortage

Rwandans vote ‘smoothly’ in election; Kagame in early lead

Kenya to cut spending in revised budget after tax-hike rollback

Rwandans vote in election expected to extend Kagame’s long rule

Ugandan shilling stable; market activity slow

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East Africa

Ugandan shilling flat; importer FX demand low

Kenyan shilling inches down due to increased importer FX demand

Kenya’s Ruto retains former ministers in new cabinet appointments

Ugandan shilling inches lower on interbank FX demand

Kenyan shilling stable, pressured by interbank FX demand

Rwanda’s President Kagame re-elected in a landslide

Kenya bans protests in central Nairobi, blames criminal infiltration

Ugandan shilling firms on thin bank, importer FX appetite

Ugandan shilling weaker on uptick in importer dollar demand

Kenyan shilling stable as FX inflows from tea exports match demand

Kenya police fire tear gas as anti-government protesters burn tyres

Ugandan shilling firms on commodity inflows

Kenyan shilling falls; traders cite dollar shortage

Rwandans vote ‘smoothly’ in election; Kagame in early lead

Kenya to cut spending in revised budget after tax-hike rollback

Rwandans vote in election expected to extend Kagame’s long rule

Ugandan shilling stable; market activity slow

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