<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg" alt="" class="wp-image-548610" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/K2XDS6QNTRJ3NESUKLUN7X52ZI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An employe holds loaves of bread at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner</figcaption></figure>



NAIROBI, Oct 31 (Reuters) &#8211; Kenya&#8217;s inflation fell to 2.7% year-on-year in October, down from 3.6% a month earlier, the statistics office said on Thursday.



On a month-on-month basis, October inflation was 0.2%, the same as the previous month, the Kenya National Bureau of Statistics said in a statement.



The Kenyan government targets an inflation rate of between 2.5% and 7.5% in the medium-term.



Kenya&#8217;s central bank slashed its benchmark lending rate to 12.00% from 12.75% earlier this month, in a move aimed at stimulating credit to the private sector.



(Reporting by Hereward Holland; Editing by Christina Fincher)

An employe holds loaves of bread at a supermarket in Nairobi

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg" alt="" class="wp-image-548558" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Nation Centre and Lonrho Africa building in central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, (Reuters) &#8211; The executive board of the International Monetary Fund has approved the seventh and eighth reviews of Kenya&#8217;s program, the IMF said on Wednesday, paving the way for the cash-strapped government to access a $606 million loan tranche.



The East African nation and staff of the IMF announced an agreement on the seventh review of its $3.6 billion program in June, but completion of the review at the board level and the subsequent disbursement were disrupted by deadly protests.



More than 60 people were killed in the violent protests which forced President William Ruto to abandon the government&#8217;s finance bill, which contained a slew of tax hikes.



&#8220;Kenya&#8217;s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment,&#8221; IMF First Deputy Managing Director Gita Gopinath said in a statement on Wednesday.



The IMF also called for improving governance and transparency in Kenya.



&#8220;The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations,&#8221; the IMF said.



The board review also included a component of lending to Kenya under its sustainability window, which is known as RSF.



The IMF&#8217;s support is seen as crucial for Kenya to be able to navigate its current liquidity challenges, which are mainly driven by high debt interest repayments.



Government officials have indicated that Kenya will seek another program with the IMF when the current one ends next April.



(Reporting by Duncan Miriri; Additional reporting by Kanishka Singh; Editing by Daniel Wallis)

YNW7WLFOZJOXJBVUR4VLTBHO4A (1)

IMF board approves Kenya’s reviews, unlocking access to $606 million

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg" alt="" class="wp-image-548216" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WDAW6VDRWVMOBOWUM4K26AXQAE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">General view of the venue as Saudi Arabia&#8217;s Minister of Energy Prince Abdulaziz bin Salman Al Saud attends the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. REUTERS/Hamad I Mohammed</figcaption></figure>



RIYADH, Oct 30 (Reuters)&nbsp;&#8211;&nbsp;Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday.



“We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.



&#8220;We&#8217;d have something wrapped up by the end of the year,&#8221; Wilt, speaking on the sidelines of the Future Investment Forum conference in Riyadh, said.



Sources told Reuters earlier this month that Manara, a joint venture between Ma&#8217;aden 1211.SE and Saudi Arabia&#8217;s $925 billion Public Investment Fund was closing in on a deal to buy a minority stake in Canadian miner First Quantum Minerals&#8217; Zambian copper and nickel assets.



The sources had said the Saudi company was in advanced talks to acquire between 15% and 20% equity in the Zambian assets with one of them estimating the stake at between $1.5 billion and $2 billion.



“Obviously, Africa is mineral rich with a lot of copper in the copper belt. So it just makes perfect sense, because the geographical proximity and our desire for copper to be looking in Africa,” Wilt said.



Manara has made significant investments in metals as part of Saudi Arabia&#8217;s efforts to secure minerals and expand Saudi Arabia&#8217;s mining sector.



The country&#8217;s growing mining industry is a key pillar in de-facto ruler Crown Prince Mohammed Bin Salman&#8217;s Vision 2030 programme to diversify the economy away from oil dependency.



Manara&#8217;s first major foray abroad was a deal to become a 10% shareholder in Vale&#8217;s $26 billion copper and nickel spin-off Vale Base Metals in 2023.



Wilt said copper was becoming a &#8220;top priority&#8221; for Manara because it was a base metal like aluminum that would be increasingly in demand with the energy transition.



&#8220;The niche battery metals, while important, are not as fundamental to the success of the development of the downstream, but copper is essential.&#8221;



(Reporting by Pesha Magid; writing by Maha El DahanEditing by Tomasz Janowski and Jane Merriman)

Future Investment Initiative (FII) in Riyadh

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the 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, Oct 29 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Tuesday as companies exchanged hard currency to make end of month payments, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0818 GMT, LSEG data showed, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao)

LYEEWJTJKRPK3GJPCKWFP3EK7E-820×429

Kenyan shilling steady on month-end payments

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg" alt="" class="wp-image-545991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UGANDA-SHILING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 29 (Reuters) &#8211; The Ugandan shilling was unchanged on Tuesday, with some inflows of hard currency from non-governmental organisations (NGOs) providing support to the local unit, traders said.



At 0936 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Monday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILING

Ugandan shilling stable on charity FX inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 28 (Reuters) &#8211; The Ugandan shilling traded flat on Monday, on the back of a general slump in appetite for hard currency across both importers and players in the interbank market, traders said.



At 0846 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

Ugandan Economy Following Rate Cut

Ugandan shilling flat on slump in appetite

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



NAIROBI, Oct 25 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Friday, data from the London Stock Exchange Group showed.



The shilling traded at 128.50/129.50 to the dollar at 0644 GMT, LSEG data showed, the same as Thursday&#8217;s closing rate.



Traders expect the East African currency to remain in the same range through the end of the month.



(Reporting by Sonia Rao; Editing by Hereward Holland)

Kenyan shilling unchanged against dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 25 (Reuters) &#8211; The Ugandan shilling was slightly weaker on Friday on the back of hard-currency demand from energy importers, traders said.



At 1029 GMT commercial banks quoted the shilling at 3,663/3,673 to the dollar, compared to Thursday&#8217;s close of 3,660/3,670.



(Reporting by Elias Biryabarema; Editing by Alexander Winning)

Ugandan shilling falls slightly on energy sector FX demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="604" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg" alt="" class="wp-image-546279" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-820x604.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-768x566.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-1536x1131.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party casts his vote during the general elections at Inhambane, in the southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



MAPUTO, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling party Frelimo has retained power in this month&#8217;s national election, extending its five-decade rule in the Southern African state as the opposition accused it of fraud.



Frelimo&#8217;s Daniel Chapo, 47, will succeed President Filipe Nyusi to become Mozambique&#8217;s fifth president since its independence from Portugal in 1975. Nyusi is stepping down after serving the maximum two terms.



Chapo won over 70% of votes, the electoral commission said on Thursday. Venancio Mondlane, backed by the Podemos party, came second with 20% of votes, displacing former rebel movement Renamo, which had been the official opposition party but whose candidate came third this time around.



In the parliament, Frelimo increased its number of seats to 195 out of 250, more than the 184 it had before.



Observers have said the Oct. 9 election was not free and fair. A European Union mission reported irregularities during counting and alteration of results at the local and district level, problems which have marred most polls since Frelimo first allowed multi-party elections in 1994.



The electoral commission has declined to comment on allegations of vote-rigging. A Frelimo spokesperson did not reply to requests for comment.



Shortly after Chapo was declared winner, Mozambique&#8217;s sole dollar bond, maturing in 2031, fell for a fourth day, TradeWeb data showed as investors assessed the risk of unrest. 



Mondlane, who holds sway over many of the country&#8217;s young voters and claims he is the true election winner, has already called for nationwide protests on Thursday and Friday. Groups of protesters started to gather in the capital Maputo after the result was announced.



Police on Monday used teargas and gunfire to disperse opposition supporters protesting the murder of a Podemos lawyer and party official two days earlier, raising tensions.



Chapo, a lawyer, is seen as a business-friendly choice who analysts say is likely to maintain the status quo, including a fight against Islamist insurgents in the north and partnerships with companies like Exxon Mobil and TotalEnergies, which are trying to get major gas projects off the ground.



The country of nearly 35 million people is struggling with a large debt burden and worsening climate shocks, including drought and cyclones.



(Additional reporting by Siyabonga Sishi and Siphiwe Sibeko in Maputo, Bhargav Acharya and Tannur Anders in Johannesburg, and Libby George in London;Writing by Nellie Peyton;Editing by Alexander Winning and Aurora Ellis)

FILE PHOTO: Frelimo candidate Daniel Chapo casts his vote

Mozambique’s ruling party retains power in contested election

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



NAIROBI, Oct 24 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursday, as remittance inflows matched importer foreign exchange demand, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0652 GMT, LSEG data showed, the same as Wednesday&#8217;s closing rate.



&#8220;We had expected that at the end of the month we would have flows that would drive the shilling one way or the other, but activity has really reduced,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling steady on remittance inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg" alt="" class="wp-image-422104" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/W3TRJMXBPRNATIXO27SFJRC77U.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of IMF at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo</figcaption></figure>



WASHINGTON, Oct 23 (Reuters)&nbsp;&#8211;&nbsp;Kenya has fulfilled all targets mandated by the International Monetary Fund in a review of its loan programme, the country&#8217;s central bank governor told Reuters on Wednesday, and expects to continue its engagement with the global lender after April.



Kenya agreed to a four-year loan with the IMF in 2021, and has also signed up for climate change lending, taking its total loan access with the Fund to $3.6 billion.



But deadly protests against planned tax rises forced the government to scupper its planned finance bill in June, leaving the heavily indebted government with a bigger budget deficit for this financial year, mounting unpaid bills, and a delay in disbursement of IMF funding.



&#8220;We&#8217;ve achieved all that was needed for the reviews to be completed,&#8221; Kamau Thugge, the head of the Central Bank of Kenya, told Reuters in an interview on the sidelines of the IMF and World Bank annual meetings in Washington. &#8220;Obviously after the review there are still the targets for December.&#8221;



A staff level agreement on a combined 7th and 8th review of the country&#8217;s programme is scheduled to go the IMF&#8217;s executive board for a sign-off on Oct. 30, which will in turn trigger a payout of $611 million.



Asked whether the country was going to request another financing programme with the IMF after the current one runs out in April, Thugge said that would be the base case, though the size and duration were yet to be confirmed.



&#8220;It will depend on the balance of payments and needs, it will depend on the ambitiousness of the reforms that we agree,&#8221; he said. &#8220;But definitely, we will have our relationship going forward with the IMF.&#8221;



Speaking about the macroeconomic outlook, Thugge said inflation in Kenya continues to decline and the country had&nbsp;built up more foreign exchange reserves.



Inflation was set to decline below the 3.6% annual rate recorded in September, he said, adding that the country&#8217;s FX reserves currently stood at $8.6 billion, representing 4.3 months worth of imports. The central bank had said earlier in October that reserves stood at $8.25 billion.



More interest rate cuts also are on the cards,&nbsp;Thugge said, after policymakers slashed the benchmark lending rate by 75 basis points in October to 12.00%, following a 25-basis-point reduction in August &#8211; the first rate cut in approximately four years.



&#8220;It&#8217;s the desire of everybody for interest rates to come down,&#8221; Thugge&nbsp;said.



(Reporting by Karin Strohecker; Editing by Paul Simao)

W3TRJMXBPRNATIXO27SFJRC77U

Kenya fulfilled all targets in IMF review, central bank governor says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg" alt="" class="wp-image-545534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/UBAOTNJREJN2TDBAOH5F5I53RA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People charge towards the police, during a nationwide strike called by Mozambique presidential candidate Venancio Mondlane to protest the provisional results of an October 9 election, in Maputo, Mozambique, October 21, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



NAIROBI, Oct 23 (Reuters) &#8211; Mozambique&#8217;s dollar bond fell for a third day on Wednesday, Tradeweb data showed, as unrest simmered over disputed election results.



The country&#8217;s sole eurobond, which matures in 2031, shed 0.58 cents to bid at 84.89 on the dollar, taking its losses since Friday to above two cents. 



The full results of Mozambique&#8217;s Oct. 9 national election are expected this week, but opposition candidates say the poll was rigged.



On Saturday, gunmen killed an opposition lawyer and a party official, and police this week fired teargas and bullets at protesters who had gathered where the two were killed.



(Reporting by Duncan Miriri and Shashwat Chauhan, editing by Libby George)

Nationwide strike in Mozambique

Mozambique’s dollar bond falls as unrest over disputed election simmers

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



NAIROBI, Oct 23 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the local currency to process payrolls, one trader said.



The shilling traded at 128.50/129.50 the dollar at 0720 GMT, LSEG data showed, the same as Tuesday&#8217;s closing rate.



&#8220;I foresee a very steady currency as we head into the end of the month,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by Hereward Holland)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unmoved against dollar on month-end FX supply

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="571" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-820x571.jpg" alt="" class="wp-image-544781" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-820x571.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-1536x1070.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/A5HRSRY5RNLW3IWBNWBNJO42SE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Protesters clash with police during a nationwide strike called by Mozambique presidential candidate Venancio Mondlane to protest the provisional results of an October 9 election, in Maputo, Mozambique, October 21, 2024. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, Oct 21 (Reuters) &#8211; Mozambique police on Monday fired teargas and bullets at protesters in the capital Maputo who had gathered at the scene where two opposition party figures were shot dead on Saturday after a disputed election.



A Reuters witness saw some police officers firing handguns while dispersing the crowd.



Adriano Nuvunga, director of Mozambique&#8217;s Centre for Democracy and Human Rights, said that two journalists and a security guard were hit by bullets but not seriously wounded.



A police spokesperson could not immediately be reached for comment.



The full results of Mozambique&#8217;s Oct. 9 national election are expected this week, with early results showing that the ruling party Frelimo is set for another win. Opposition candidates say the poll was rigged.



Frelimo has ruled the southern African country since 1975 and has been accused of electoral fraud by opposition leaders, civil society and election observers, which it denies.



Mozambique&#8217;s electoral commission has declined to comment on accusations of fraud. U.S.-based observers said the poll did not meet international standards for democratic elections, noting reports of vote buying, intimidation, inflated voter rolls and other issues.



&#8220;The police are turning this into a violent protest because they are firing at us. We are here to demand that the truth about the election is upheld,&#8221; said protester Vladimir Manhique, a 32-year-old car mechanic.



&#8220;This is a way to demonstrate that enough is enough. This regime must fall,&#8221; he said.



Several hundred people took part in the protest, with some burning red Frelimo flags in the street and throwing rocks.



Mozambican police have used live ammunition at political protests in the past, including last year, when they defended the use of force as necessary to suppress violence.



Independent presidential candidate Venancio Mondlane said that a national strike on Monday had been well observed and told the protesters to go home after the clashes with police.



Many businesses were closed in Maputo and downtown streets were quiet.



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

Mozambique police clash with opposition protesters after disputed election

<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, Oct 21 (Reuters) &#8211; The Ugandan shilling was broadly stable on Monday, with a small bias on the firming side as some inflows of hard currency from charities and remittances provided support, traders said.



At 0828 GMT, commercial banks quoted the shilling at 3,760/3,770, compared to Friday&#8217;s close of 3,662/3,672.



(Reporting by Elias Biryabarema; Editing by Bhargav Acharya)

GettyImages-924883576-1

Ugandan shilling broadly stable on healthy flows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-820x547.jpg" alt="" class="wp-image-419241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/GettyImages-1242420790-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Electricity pylon is seen near from the Tihange Nuclear Power Station on August 10, 2022, in Tihange, Belgium. As the European Union prepares for the drastic reduction of Russian gas imports, some users are concerned about the risk of heating and electricity cuts next winter. (Photo by Thierry Monasse/Getty Images)</figcaption></figure>



SINGAPORE, Oct 21 (Reuters) &#8211; Tanzania is building a grid interconnector with Zambia to help assist in mitigating a drought-driven power crisis, Tanzania&#8217;s deputy prime minister said at the Singapore International Energy Week conference on Monday.



&#8220;We have some interconnectors with our neighbours, Rwanda, Burundi, Kenya and now we are pulling up an interconnector with Zambia, which will help us to assist our neighbour in Zambia who is facing a deadly drought,&#8221; said Doto Biteko, who is also the energy minister.



&#8220;Tanzania being a member of the Eastern African Power Pool &#8230; we have a bigger market where whenever we have access to electricity, we can sell to our neighbouring countries.&#8221;



The development of the grid interconnector will take 36 months, with work having begun last month, he&nbsp;added&nbsp;on the sidelines of the conference.



Kenya, Tanzania and Zambia said in 2014 that they will spend $1.4 billion to link their power grids by 2018 and create a regional power pool for trading electricity.



On the $42 billion development of Tanzania LNG, a liquefied natural gas export plant, Biteko said the government is in negotiations with the project&#8217;s partners and operators to finalise the host government agreement, but did not give a timeline for when negotiations will be completed.



Tanzania LNG was delayed by proposed government changes to a financial agreement reached last year. A government spokesperson said the proposed amendment to the Host Government Agreement intends to ensure that both sides benefit fairly in the whole deal.



Equinor and Shell are joint operators while Exxon Mobil, Pavilion Energy, Medco Energi and Tanzania&#8217;s national oil company TPDC are partners.



(Reporting by Emily Chow, Sudarshan Varadhan and Trixie Yap; Editing by Sonali Paul and Stephen Coates)

Tihange Nuclear Power Station

Tanzania building grid interconnector with Zambia to help mitigate power crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="516" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-820x516.jpg" alt="" class="wp-image-543609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-820x516.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-300x189.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-768x483.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-1536x967.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/FO56H564QVM6RG7MOECTHHGML4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Cabinet Secretary of the Ministry of Interior and National Administration Kithure Kindiki speaks during a joint press conference, with British Minister of State for Security Tom Tugendhat during his visit, in Nairobi, Kenya May 10, 2023. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 18 (Reuters) &#8211; Kenyan President William Ruto chose Interior Minister Kithure Kindiki as his new deputy on Friday, but a court blocked his appointment until it hears a case next week challenging the impeachment of Kindiki&#8217;s predecessor.



The high court&#8217;s intervention came after lawmakers had already approved Kindiki&#8217;s appointment on Friday. It extends a period of political turmoil in the East African country that started with mass protests against unpopular tax hikes in June.



The Senate vote on Thursday to uphold impeachment charges against Ruto&#8217;s previous deputy, Rigathi Gachagua, marked the first time that a Kenyan deputy president had been removed from office by impeachment.



In an order, the high court in the capital Nairobi said Kindiki&#8217;s appointment as deputy president and the Senate&#8217;s resolution upholding impeachment charges against Gachagua were suspended until Oct. 24, when a bench of judges appointed by the chief justice will debate the issue.



A second court order said Kindiki cannot assume office until the case is heard.



Gachagua was impeached on five out of 11 charges including gross violation of the constitution and stirring ethnic hatred &#8211; accusations that he denied and dismissed as politically motivated.



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



The interior ministry includes oversight of the police. Rights groups have accused the police of using excessive force during the nationwide protests earlier this year that called for the withdrawal of a now-shelved finance law and reforms to tackle corruption.



During an appearance before parliament in September, Kindiki said police acted within the law and that the government did not engage in extrajudicial killings or abductions.



Gachagua helped Ruto secure a large block of votes from the populous central Kenya region during the 2022 election. But in recent months, he has spoken of being sidelined, amid widespread reports in local media signalling a rift with Ruto as political alliances shifted.



Gachagua, who was hospitalised and absent during the Senate vote to dismiss him, filed a petition on Friday seeking to stop Ruto from naming his replacement pending a judicial hearing, a court filing showed.



The 59-year-old politician has filed or is a party to several cases challenging the impeachment process.



(Reporting by George Obulutsa and Humphrey Malalo; Writing by Bhargav Acharya;Editing by Alexander Winning, Ammu Kannampilly, Andrew Heavens and Angus MacSwan, William Maclean)

East Africa

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

IMF board approves Kenya’s reviews, unlocking access to $606 million

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

Kenyan shilling steady on month-end payments

Ugandan shilling stable on charity FX inflows

Ugandan shilling flat on slump in appetite

Kenyan shilling unchanged against dollar, LSEG data shows

Ugandan shilling falls slightly on energy sector FX demand

Mozambique’s ruling party retains power in contested election

Kenyan shilling steady on remittance inflows

Kenya fulfilled all targets in IMF review, central bank governor says

Mozambique’s dollar bond falls as unrest over disputed election simmers

Kenyan shilling unmoved against dollar on month-end FX supply

Mozambique police clash with opposition protesters after disputed election

Ugandan shilling broadly stable on healthy flows

Tanzania building grid interconnector with Zambia to help mitigate power crisis

Kenyan court blocks deputy president appointment hours after Ruto picks ally

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East Africa

Kenya’s inflation falls to 2.7% year-on-year in October, stats office says

IMF board approves Kenya’s reviews, unlocking access to $606 million

Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

Kenyan shilling steady on month-end payments

Ugandan shilling stable on charity FX inflows

Ugandan shilling flat on slump in appetite

Kenyan shilling unchanged against dollar, LSEG data shows

Ugandan shilling falls slightly on energy sector FX demand

Mozambique’s ruling party retains power in contested election

Kenyan shilling steady on remittance inflows

Kenya fulfilled all targets in IMF review, central bank governor says

Mozambique’s dollar bond falls as unrest over disputed election simmers

Kenyan shilling unmoved against dollar on month-end FX supply

Mozambique police clash with opposition protesters after disputed election

Ugandan shilling broadly stable on healthy flows

Tanzania building grid interconnector with Zambia to help mitigate power crisis

Kenyan court blocks deputy president appointment hours after Ruto picks ally

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