<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, Oct 17 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Thursday as diaspora dollar inflows matched importer demand, one trader said.



The shilling traded at 128.50/129.50 against the dollar at 0715 GMT, according to LSEG data, the same as Wednesday&#8217;s closing rate.



&#8220;We don&#8217;t expect much movement ahead of the weekend,&#8221; the trader said.



(Reporting by Sonia Rao; Editing by George Obulutsa)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling steady; diaspora FX inflows match importer demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="553" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-820x553.jpg" alt="" class="wp-image-543225" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-820x553.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-768x518.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-1536x1037.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/DWCQX6GFJ5OCXGS5Z5ENXFGNQI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Senate opened a second day of hearings on Thursday ahead of a vote on whether to remove Deputy President Rigathi Gachagua from office over charges he embezzled public funds, stirred ethnic hatred and undermined the government, which he denies.



The National Assembly voted last week to impeach Gachagua, who helped President William Ruto win an election two years ago but has been assailed by allies of the president over alleged disloyalty and a series of provocative public comments.



Ruto has not commented on the impeachment process, while Gachagua has called it a political lynching based on falsehoods.



If two-thirds of senators back the motion in a vote scheduled for Thursday evening, Gachagua will become the first Kenyan president or deputy president forced from office by impeachment, a process introduced under the 2010 constitution.



The second day of hearings is scheduled to include hours of testimony by Gachagua, who will respond to a litany of accusations laid out on Wednesday by a lawmaker from Ruto&#8217;s coalition.



The lawmaker, Mwengi Mutuse, said Gachagua had incited hatred in comments about ethnic minorities from his home region.



Mutuse also accused Gachagua of acquiring properties worth over $40 million since becoming deputy president, despite reporting a net worth before entering office of only around $6 million.



In response, Gachagua&#8217;s lawyer, Elisha Ongoya, said the allegations lacked evidence and were based on speculation.



Kenyan courts have declined to block the proceedings as Gachagua requested but have said they could review the legality of the process once it is completed.



The impeachment follows a realignment of Kenyan politics following mass street protests in June and July that forced Ruto to withdraw proposed tax hikes and shake up his cabinet.



Ruto appointed several allies of the main opposition leader Raila Odinga as ministers, a move that was seen as weakening Gachagua&#8217;s influence.



(Reporting by George Obulutsa and Sonia Rao; Editing by Aaron Ross and Christina Fincher)

Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Kenya’s Senate to vote on removal of deputy president

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg" alt="" class="wp-image-506368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg 1822w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto speaks at a press conference where he announced spending cuts in government after protests against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, July 5, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;Kenya is in discussions with the United Arab Emirates for a $1.5 billion commercial loan with an 8.25% interest rate and a seven-year tenor, Finance Minister John Mbadi said on Wednesday.



The East African nation is seeking to diversify its sources of financing after deadly protests forced the government to abandon a slate of tax hikes and delayed disbursements from the International Monetary Fund (IMF). Reuters reported the prospective loan last month.



&#8220;This loan is cheaper than the Eurobond we borrowed at 10.7%,&#8221; Mbadi told a news conference, referring to a $1.5 billion dollar-denominated bond issued in February to partially buy back a portion of a maturing $2 billion Eurobond.



Kenya has satisfactorily answered the questions raised by the IMF around the country&#8217;s current lending programme, which was interrupted by the protests and the abandonment of the finance bill, Mbadi said. He will hold more meetings with the fund in Washington DC next week.



&#8220;After that, the funds will be disbursed,&#8221; Mbadi said.



The IMF&#8217;s executive board will meet on Oct. 30 to consider the staff review of Kenya&#8217;s programme, Bloomberg news agency reported, citing people familiar with the matter.



Asked about the report, the Fund said the date had not yet been set.



&#8220;No date has been confirmed yet for the Board&#8217;s deliberation. We will communicate the date and related information in due course,&#8221; it said.



Kenya would seek a new fund programme when the current one runs out next&nbsp;year, Mbadi said, but&nbsp;he called for more realistic fiscal targets to underpin future lending.



&#8220;I completely believe some of the targets we have set with the IMF were unrealistic,&#8221; he said, citing a target of lowering the fiscal deficit to 3.8% this financial year from 5.2% in the year that ended in June, which has since been removed.



<h2 class="wp-block-heading" id="h-risk-exposure">RISK EXPOSURE?</h2>



The government is also talking with the IMF after the lender raised some concerns about the potential commercial loan from the UAE, the minister said.



&#8220;There are issues to be discussed, including with the IMF, which had expressed some reservations, because we are talking about this being an external loan and is dollar-denominated, it may expose us to additional risk,&#8221; he said.



The government has countered that the loan was cheaper than the other options, including Eurobonds, Mbadi said.



&#8220;Those are issues that we are discussing. We haven&#8217;t firmed them up. We are looking for the transaction adviser on the same,&#8221; he said.



The government has set the foreign borrowing target for this financial year at 168 billion shillings ($1.31 billion), while the UAE loan if finalised would bring in the equivalent of 195 billion shillings, helping the government to cut local borrowing.



President William Ruto&#8217;s government has prioritised lowering elevated lending rates in the economy, Mbadi said, to support businesses and economic growth.



Policymakers cut the central bank&#8217;s benchmark lending rate by 75 basis points last week to 12%, but Mbadi said it should be at 10% or lower.



Under Ruto, who took over in September 2022, Kenya has forged closer ties with the UAE.



The UAE&#8217;s Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company were among three Gulf firms Ruto&#8217;s government picked last year to supply Kenya with oil on longer credit terms, in a shift from an open tender system.



The UAE provided Ethiopia with $1 billion in 2018 to help with a severe hard currency cash crunch, and the central banks of both sides announced an $817 million swap line in July.



The UAE also signed a deal with Egypt earlier this year to develop a prime stretch of its Mediterranean coast that was expected to bring $35 billion of investments into the Egyptian economy.



($1 = 128.5000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Angus MacSwan, Mark Potter and Gareth Jones)

Kenya’s President announces government spending cuts after protest against Kenya’s proposed finance bill 2024/2025, in Nairobi

Kenya in talks for a $1.5 bln commercial loan with UAE, finance minister says

<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-820x604.jpg" alt="" class="wp-image-542944" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-820x604.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-768x566.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-1536x1131.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YDJE2WKUFZKPZBHQDZIBXPBFEA-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 16 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s ruling party Frelimo was leading provisional election results in all 11 provinces on Wednesday, while opposition parties cried fraud and one called for a strike.



Frelimo&#8217;s presidential candidate Daniel Chapo was widely expected to win the Oct. 9 election. The party has governed Mozambique since 1975 and has been consistently accused of rigging elections, which it denies.



Full results are expected on Oct. 24.



Independent candidate Venancio Mondlane, seen as Chapo&#8217;s biggest challenger, said he was in the lead according to his own tally and called for a nationwide strike on Monday, Oct. 21.



&#8220;They (Frelimo) are not going to hand over power to anyone. They want to continue to control power, finance, business, oil, gas, diamonds, rubies,&#8221; Mondlane said in a video broadcast on his social media pages.



&#8220;To show that the people are actually ruling, we will paralyse all activity on Monday,&#8221; he said.



Presidential candidate Lutero Simango of the Democratic Movement of Mozambique, a small opposition party, said that he would challenge the results in court.



A Frelimo spokesperson did not immediately reply to a request for comment. In public remarks on Friday, Chapo called for people to remain calm while awaiting official results.



Election observers said the poll did not meet international standards for democratic elections. The International Republican Institute, a U.S.-based monitoring group, reported vote buying, intimidation, inflated voter rolls in Frelimo strongholds, limited transparency in result collation, and other issues.



&#8220;Once again, as a country, we held elections that&#8230; do not reflect, at least from what we have been observing, the will of the voters,&#8221; said Edson Cortez, director of the Centre for Public Integrity (CIP), a Mozambican NGO.



A spokesperson for the electoral commission declined to comment on those allegations.



Videos circulating on social media showed street protests in the northern city of Nampula on Wednesday. Reuters was not immediately able to verify the videos.



Mozambique police have opened fire on political protesters in the past, including after last year&#8217;s local elections, according to human rights groups.



(Reporting by Manuel Mucari, Additional reporting and writing by Nellie Peyton; Editing by William Maclean)

FILE PHOTO: Frelimo candidate Daniel Chapo casts his vote

Mozambique ruling party leads early election results as opposition cries foul

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Oct 16 (Reuters) &#8211; The Ugandan shilling was broadly stable on Wednesday due to muted demand for dollars from commercial banks and importers, traders said.



At 0722 GMT, commercial banks quoted the shilling at 3,665/3,675, compared with Tuesday&#8217;s closing rate of 3,667/3,677.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable due to muted 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/2024/08/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 16 (Reuters) &#8211; The Kenyan shilling was unmoved against the dollar on Wednesday, data from the London Stock Exchange Group showed.



At 0657 GMT, the shilling traded at 128.50/129.50 to the dollar at 0647 GMT, LSEG data showed, the same as Tuesday&#8217;s closing rate.



The East African currency has remained in the same range for several months.



(Reporting by Sonia Rao; Editing by George Obulutsa)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady versus dollar – LSEG data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="552" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-820x552.jpg" alt="" class="wp-image-542826" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-820x552.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-768x517.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-1536x1034.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/Z5ZCDEUALVJB3FKZTMZRN6CCHI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 16 (Reuters)&nbsp;&#8211;&nbsp;Impeachment proceedings against Kenya&#8217;s deputy president are constitutional, a court said on Wednesday, clearing the way for the Senate to hold hearings and vote on his dismissal this week.



Kenya&#8217;s National Assembly voted on Tuesday last week to impeach the deputy president, RigathiGachagua, on 11 charges which included corruption, undermining the government and stirring ethnic hatred. Gachagua has denied all charges.



Gachagua has said the impeachment motion, backed by opposition lawmakers and allies of President William Ruto, was based on falsehoods that constituted a political lynching, according to court documents seen by Reuters.



He launched an appeal in the high court, but Judge Erick Ogolla said the process could go ahead.



&#8220;At this stage, the process is a lawful, constitutional process, and the Senate will conduct a trial where all the issues being raised before the court will be raised and determined at the moment,&#8221; the judge said in court.



The deputy president was Ruto&#8217;s running mate in their 2022 election win, helping secure vital votes from the populous central Kenya region. But the men have since fallen out and political alliances have shifted.



Ruto fired most of his cabinet and appointed members of the opposition to what he called a unity government after nationwide protests against tax increases in which more than 50 people were killed.



The Senate is expected to hold hearings on Wednesday and vote on Thursday. A two-thirds majority would be needed to dismiss Gachagua.



(Reporting by Edwin Okoth and Ammu Kannampilly; writing by George Obulutsa; Editing by Andrew Heavens)

FILE PHOTO: Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Impeachment proceedings against Kenyan deputy president are constitutional, court says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-820x547.jpg" alt="" class="wp-image-542795" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/46QRGHAVVRL57L4K2LGPNJVTVI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Jamie Dimon, chairman and CEO of JPMorgan Chase, speaks during the ceremony for placement of the final beam for JPMorgan Chase&#8217;s new global headquarters building at 270 Park Avenue in New York City, U.S., November 20, 2023. REUTERS/Brendan McDermid/File Photo</figcaption></figure>



NEW YORK, Oct 16 (Reuters) &#8211; JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters.



International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants.



&#8220;We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so,&#8221; Dimon said by phone from New York on Friday before departing on a trip to Africa. The countries and pace of expansion have not previously been reported.



Dimon will hold meetings in Kenya, Nigeria and South Africa on the tour, Reuters reported last month.



&#8220;This will allow us to be on the ground in these countries which gives you a lot more local knowledge and relationships,&#8221; Dimon said.



&#8220;And when you do it, you basically will cover the government, maybe some big government enterprises and the multinationals that are going in there with traditional banking services,&#8221; he added.



In Kenya and Ivory Coast, the bank will focus on commercial and investment banking, treasury services, and possibly some lending, Dimon said. In those two countries, it has no immediate plans to offer asset and wealth management (AWM) services, which are already available in South Africa and Nigeria.



&#8220;We are not doing AWM now but that doesn&#8217;t mean it wouldn’t happen in the next few years,&#8221; Dimon said.



JPMorgan&#8217;s earlier aspirations to enter Ghana and Kenya in the last several year were thwarted by regulators, according to media reports.



On Monday, the Central Bank of Kenya said it authorized JPMorgan to establish a representative office there.



In the past, &#8220;the U.S. government was not very keen on banks expanding into different geographies, as this was just after the financial crisis,&#8221; Dimon said noting the U.S. is now more supportive.



It is a positive move if U.S. financial institutions expand abroad, and the government should support such endeavors to compete overseas, he said, citing the broad footprint of Chinese companies and saying that U.S. companies should also be in these places.



Major global lenders have adopted differing strategies for individual sub-Saharan markets, targeting the fastest-growing areas while seeking to distinguish themselves from local and regional competitors.



For instance, Standard Chartered has focused on Kenya. Its assets under management in the East African nation grew by a quarter last year to 185.5 billion Kenyan shillings ($1.4 billion), it said.



The expansion may not have a material impact on JPMorgan&#8217;s business in the near term, but it will be beneficial for the company and future leaders in the long run, Dimon said.



JPMorgan is among the top five international private banks by assets under supervision.



In the last five years, about 700 bankers have been involved in expanding into 27 new locations worldwide, generating $2 billion in revenue for its commercial and investment bank, executives told investors in May.



(Reporting by Nupur Anand in New York, additional reporting by Hereward Holland, David Lewis and Duncan Miriri in Nairobi, editing by Lananh Nguyen and Lincoln Feast.)

FILE PHOTO: Jamie Dimon, chairman and CEO of JPMorgan Chase

Jamie Dimon charts JPMorgan expansion plan into Africa

<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, Oct 15 (Reuters) &#8211; The Ugandan shilling was steady on Tuesday, and was forecast to ease due to demand for dollars from commercial banks, traders said.



At 0811 GMT, commercial banks quoted the shilling at 3,660/3,670, compared with Monday&#8217;s closing rate of 3,657/3,667.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling steady; 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, Oct 15 (Reuters) &#8211; The Kenyan shilling was unchanged against the dollar on Tuesday, data from the London Stock Exchange Group showed.



The East African currency traded at 128.50/129.50 to the dollar at 0654 GMT, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

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/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-820x547.jpg" alt="" class="wp-image-542097" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A person enters the JPMorgan Chase &amp; Co. New York headquarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew Kelly/File Photo</figcaption></figure>



NAIROBI, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank&nbsp;said on Monday that it had authorised JPMorgan Chase&nbsp;JPM.N&nbsp;to establish a representative office in the East African country.



Representative offices of foreign banks in Kenya serve as marketing and liaison hubs for their parent banks and affiliates, the Central Bank of Kenya said in a statement.



The JPMorgan Chase representative office will contribute to the diversity of Kenya&#8217;s financial sector and catalyse trade and investments, the statement added.



Reuters reported last month, citing four sources familiar with the matter, that JPMorgan Chase&#8217;s CEO Jamie Dimon planned to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent.



(Reporting by Hereward Holland; Additional reporting by Bhargav Acharya; Editing by Alexander Winning)

A person enters the JPMorgan Chase & Co. New York headquarters in Manhattan, New York City

Kenya allows JPMorgan Chase to set up representative office locally

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 14 (Reuters) &#8211; The Ugandan shilling traded flat on Monday, with hard currency appetite muted across merchandise importers and on the interbank market, traders said.



At 1030 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)

UGANDA SHILLING

Ugandan shilling unchanged on muted FX appetite

<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 14 (Reuters) &#8211; The Kenyan shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed.



At 0657 GMT, the shilling traded at 128.50/129.50 against the dollar, the same as Friday&#8217;s closing rate.



The shilling has been range-bound for several months, following a rally earlier this year after the government issued a new $1.5 billion Eurobond to buy back most of a $2 billion bond whose maturity in June had unnerved investors.



(Reporting by Sonia Rao; Editing by George Obulutsa)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable versus dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg" alt="" class="wp-image-540632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 28: The Shona community, which migrated to Kenya in 1959 from Zimbabwe and has been living as stateless, on July 28, 2021 get Kenyan identity cards with full citizenship rights, in Nairobi, Kenya. Kenyan Interior Security Minister Fred Okengo Matiangi handed out identity cards to 1,649 members of the Shona community at a ceremony in the capital Nairobi. (Photo by Andrew Wasike/Anadolu Agency via Getty Images)</figcaption></figure>



NAIROBI, Oct 10 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Nosizi Dube beams with pride as she clutches her newly issued Kenyan passport.



For many, obtaining a passport might be a mundane task, but for 24-year-old Dube, who was born into the stateless Shona community in Kenya, it symbolises the end of a gruelling journey towards recognition and the beginning of new opportunities.



&#8220;Being stateless is like you don&#8217;t exist. You look like everyone else, but because you have no identification documents you live in the shadows, unable to do basic things like go to school or even get a mobile phone number,&#8221; Dube told the Thomson Reuters Foundation.



&#8220;Getting recognition as a Kenyan citizen has given me visibility and rights just like everyone else. I feel like I am free, like the chains of statelessness have been broken.&#8221;



Now a trailblazer as the first Shona woman in Kenya to graduate from university, Dube hopes to go to Geneva next week to attend a major intergovernmental meeting marking the end of a global campaign to end statelessness within a decade.



The #IBelong campaign&#8217;s success varies across the world, and while millions remain stateless, the campaign has been a beacon of hope in Kenya, with thousands of stateless people from the Shona, Makonde and Pemba communities gaining recognition.



More than 50% of the 20,000 people who registered as stateless in Kenya in 2014 have been granted citizenship, according to the United Nations refugee agency (UNHCR).



Samwel Okute, the UNHCR&#8217;s senior protection associate for statelessness, attributes Kenya&#8217;s success to initiatives ranging from awareness campaigns and community mobilisation to advocacy, legal reforms and strong political will.



&#8220;We have seen tremendous progress in Kenya. The name &#8216;stateless&#8217; was not even known in Kenya 10 years ago,&#8221; said Okute.



&#8220;The Kenyan government has shown commitment to amend laws, and there have been progressive efforts to raise awareness and improve data collection, but there are still communities that remain left out in Kenya, and the rest of the world,&#8221; he said.



<h2 class="wp-block-heading" id="h-milestone">&#8216;MILESTONE&#8217;</h2>



More than 4.4 million people across the world do not have a nationality, according to UNHCR data, although experts say the figure is likely to be significantly higher as some countries with large stateless populations do not provide data.



People can become stateless due to a host of complex historical, social and legal reasons &#8211; including migration, flawed citizenship laws, and ethnic or gender discrimination.



In Kenya, communities affected by statelessness include the Shona, Makonde and Pemba, as well as people of Burundian and Rwandan descent.



The Shona migrated from Zimbabwe and Zambia in the 1960s as Christian missionaries during the colonial period. While the Makonde arrived from Mozambique to work in the 1930s.



However, when Kenya gained independence in 1963, these communities ended up without a nationality.



The Pemba, a fishing community from Zanzibar who settled along Kenya&#8217;s coast, were among those unable to register as Kenyan citizens after independence.



For decades, these communities lived on the margins &#8211; generations deprived of basic rights because they lacked legal documents such as birth certificates or national identity cards.



They could not go to school, visit a hospital, get a job, obtain a mobile SIM card, open a bank account, register a business, or rent or buy a house.



Many pay middlemen to use their names to obtain fake IDs, register for exams or obtain a mobile phone number.



&#8220;A single document has the power to determine the fate of your entire life,&#8221; said Dube, recounting how she was prevented from sitting her primary school exams because she did not have a birth certificate.



Following the launch of the #IBelong campaign in 2014, UNHCR partnered with charities in Kenya to understand how many people were stateless and support their path to recognition.



This has involved years of outreach work &#8211; from awareness campaigns to encourage people to register as stateless so data could be collected, to organising and mobilising communities to petition parliament.



In 2016, Kenya granted citizenship to more than 1,100 people from the Makonde community. Recognition of 1,670 Shona people and 7,000 Pemba people followed in 2020 and 2022 respectively.



Pemba activist Barke Hamisi, 30, said citizenship had brought big changes to her community.



Born stateless in Malindi on Kenya&#8217;s coast, Hamisi had to interrupt her education due to a lack of documentation.



She now works as a paralegal for Haki Africa, a Kenyan charity working to end statelessness.



&#8220;Getting recognition was a milestone for us,&#8221; said Hamisi.



&#8220;Children can now go to school, youth are now considered for employment opportunities, and women can now go to hospital and give birth because they can produce a national identity card.&#8221;



<h2 class="wp-block-heading" id="h-african-progress">AFRICAN PROGRESS</h2>



Elsewhere in Africa, hundreds of thousands remain stateless with large populations in Ivory Coast and Zimbabwe.



Although Kenya leads the way in combating statelessness, there is a growing continent-wide commitment to resolving the problem.



In Ivory Coast, 16,000 descendants of migrants have had their nationality confirmed, but progress is very slow given the country has more than 900,000 stateless people.



Liberia has amended its nationality law to grant women and men equal rights to confer nationality on their children, while reforms in Rwanda have helped to facilitate naturalisation for stateless people.



Last year, Tanzania granted nationality to more than 3,000 stateless people in Zanzibar.



The African Union has also adopted a protocol to eradicate statelessness and advance inclusion for stateless people.



But the journey to recognition is fraught with hurdles.



South African lawyer Christy Chitengu, 25, was born to undocumented Zimbabweans and only discovered she was stateless in high school when she needed to register for exams.



Her quest for recognition was tough, involving a court case against South Africa&#8217;s Department of Home Affairs.



Despite delays, scepticism and xenophobia, Chitengu finally obtained nationality in August 2023, while pregnant.



&#8220;South Africa is a difficult place and I guess that&#8217;s why it&#8217;s hard to get documented,&#8221; said Chitengu who has started a YouTube channel to educate people on statelessness.



&#8220;There&#8217;s generational statelessness so if I didn&#8217;t get documented, my child was not going to be documented,&#8221; she said.



The UNHCR says many older South Africans also lack documentation as a result of apartheid-era policies that only required civil and birth registration for white citizens.



This legacy has left descendants struggling to access identity documents and rendered them stateless.



But after gaining citizenship, formerly stateless people still face a host of challenges due to years of marginalisation. Many struggle with a lack of skills, the cost of education and discrimination in the job market and in accessing services.



&#8220;I think the general perception is that you get your piece of paper, you get your ID, and everything is perfect,&#8221; said Andrew Ochola, Haki Africa&#8217;s acting executive director.



&#8220;But uplifting stateless communities cannot happen overnight. There are many challenges that persist,&#8221; he said.



(Reporting by Nita Bhalla @nitabhalla. Additional reporting by Kim Harrisberg @KimHarrisberg; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

Stateless Shona community gets Kenyan citizenship

From stateless to citizens: Kenya’s success offers hope in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg" alt="" class="wp-image-540536" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A local votes during the general elections at Inhambane, in southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko TPX IMAGES OF THE DAY</figcaption></figure>



MAPUTO, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Vote counting was under way in Mozambique on Thursday after a peaceful national election that is widely expected to see the ruling Frelimo party extend its 49 years in power.



Votes are counted first at each polling station and district results expected by Saturday could give an early indication of who is leading. Official results normally take around two weeks to be announced by the electoral commission.



The winner will inherit an Islamist insurgency in the north that has halted multi-billion dollar gas projects and displaced hundreds of thousands of people. Other challenges include high debt levels and the economic impact of worsening cyclones.



Frelimo candidate Daniel Chapo, 47, is likely to win. His party has been accused by opponents and election observers of rigging past elections, which it denies.



The manipulation of votes happens at many levels, from registering more people in Frelimo strongholds to appointing party loyalists to be polling station staff and changing the numbers at the end, said Joseph Hanlon, an advisor to civil society group Mais Integridade (&#8220;More Integrity&#8221;).



A Frelimo spokesperson did not respond to questions from Reuters about alleged vote-rigging.



Election observer missions including the European Union&#8217;s said that they had not recorded any major problems so far.



Chapo is a relatively new figure in national politics who would be the first president born after independence from Portugal in 1975. Analysts say he has the advantage of a clean record and distance from Frelimo&#8217;s past corruption scandals.



His main challenger is Venancio Mondlane, an independent candidate who has fired up the country&#8217;s youth. Former rebel commander Ossufo Momade and a small opposition party leader, Lutero Simango, are also competing to succeed President Filipe Nyusi, who is stepping down after serving the maximum two terms.



(Reporting by Nellie Peyton; Editing by Alexander Winning)

General elections in Mozambique

Mozambique early vote counting under way after peaceful 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/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya expects more money from the International Monetary Fund by the end of the year and is in talks with the Fund about combining the seventh and eighth reviews of its support programme, its central bank governor said on Wednesday.



The East African country and the IMF reached a staff-level agreement on the seventh review of its $3.6 billion programme in early June.



But the review is yet to be approved by the Fund&#8217;s executive board after the government was forced to scrap proposed tax hikes and draw up spending cuts in late June in response to mass protests that turned deadly.



&#8220;We are in the final stages of an agreement (with the IMF). The fiscal framework has been agreed,&#8221; Governor Kamau Thugge told a news conference, a day after the Central Bank of Kenya cut its benchmark lending rate by another 75 basis points.



Kenya&#8217;s government has asked the IMF to conduct an official assessment of corruption and governance issues.



While not directly linked to the next disbursement, the assessment is an attempt to build goodwill with the Fund as it tries to get finances back on track.



Thugge also said on Wednesday that the central bank had been buying dollars on the foreign exchange market to boost Kenya&#8217;s buffers against potential short-term shocks.



The bank has previously said it has no preferred level for the shilling and only intervenes on the forex market to smooth out volatility.



Thugge said the exchange rate was being supported by dollar inflows from agricultural exports, remittances and foreign investor interest in local securities given high interest rates.



He reiterated the bank&#8217;s forecast for economic growth of 5.5% next year.



On Tuesday the bank lowered its 2024 growth forecast to 5.1% from 5.4% after slower growth in the second quarter.



Thugge said on Wednesday there could be scope for local interest rates to fall further given that the shilling exchange rate was stable.



(Reporting by George Obulutsa; Editing by Alexander Winning)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya expects more IMF funding by year-end

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg" alt="" class="wp-image-540241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers&#8217; vote over his impeachment motion at the Parliament buildings in Nairobi, Kenya October 8, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, (Reuters) &#8211; Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.



&#8220;According to the results &#8230; of the motion that I&#8217;ve just declared, a total of 281 members being more than two thirds of the members of the National Assembly have voted in support of the motion,&#8221; Moses Wetang&#8217;ula said.



Gachagua, who has denied all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



But in recent months, he has spoken of being sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



On Tuesday evening, Gachagua urged lawmakers to &#8220;search your conscience&#8221; before voting.



&#8220;If you search your conscience and listen to the issues that have been raised and you find that there are no grounds to impeach the deputy president of Kenya, please make the right decision.&#8221;



Members of parliament voted to impeach him by a margin of 281 to 44, with one abstention.



Kimani Ichung&#8217;wah, parliament&#8217;s majority leader, said the 59-year-old politician had &#8220;violated not one, but eight provisions of our constitution.&#8221;



At one point during the proceedings, he led lawmakers in a chant saying &#8220;Rigathi must go&#8221;, describing him as &#8220;a great danger to our nationhood, a great danger to the unity of our republic.&#8221;



Gachagua proclaimed his innocence, offering a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I will fight to the end,&#8221; he told a press conference on the eve of the impeachment proceedings.



The senate will now hear the charges and may appoint a special committee to investigate them, where Gachagua or his representative can respond to the allegations.



If at least two-thirds of the senate vote to uphold the impeachment, Gachagua will be dismissed.



Gachagua has filed a court petition to halt the proceedings, which were initiated by Ruto&#8217;s coalition allies last week.



Prior to the vote, TIFA Research, a pollster, found that a narrow majority of 41% of Kenyans supported the impeachment against 38% who opposed it.



Ruto has not commented publicly on the impeachment proceedings.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



(Reporting by George Obulutsa, Hereward Holland and Ammu Kannampilly; Editing by Christina Fincher, Ros Russell and Daniel Wallis)

Kenya’s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers’ vote over his impeachment motion at the Parliament buildings in Nairobi

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