<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-820x550.jpg" alt="" class="wp-image-527482" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-1536x1030.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/NAE5BQB57NNCZEMRT4TCKAKPXA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People gather as volunteers search to retrieve the bodies of residents killed by a landslide due to heavy rainfall in a landfill known as Kiteezi that serves as garbage dumping site, in the Lusanja village, outside Kampala, Uganda August 10, 2024. REUTERS/Abubaker Lubowa//File Photo</figcaption></figure>



KAMPALA, Sept 5 (Reuters)&nbsp;&#8211;&nbsp;The World Bank and French Development Agency (AFD) have given Uganda more than $600 million to fund infrastructure development and manage waste in the capital Kampala, the government and World Bank said on Thursday.



Ugandans have complained about waste management and the poor state of the roads in Kampala, which suffers chronic underfunding from the central government.



Last month a garbage landslide at a landfill site on Kampala&#8217;s outskirts buried houses as residents slept, killing at least 35 people.



A total of $566 million worth in funding, much of it credit, will come from the World Bank, and $42.7 million will be provided by ADF, the statements said.



&#8220;Rapid urban expansion has exposed significant gaps in infrastructure&#8221; the World Bank said.



Last year, the World Bank said it would stop lending to Uganda after the east African country passed a harsh anti-gay law.



In an emailed response to a Reuters&#8217; query the World Bank said the ban was still in effect but that the latest credit extended to Uganda was approved before the ban.



(Reporting by Elias Biryabarema; Editing by Hereward Holland and Barbara Lewis)

FILE PHOTO: Aftermath of a landslide due to heavy rainfall, in Kampala

World Bank, French Development Agency give Uganda aid of over $600 mln

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="551" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-820x551.jpg" alt="" class="wp-image-526756" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-820x551.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-300x202.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-768x516.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-1536x1032.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/WH675YVHBZPIZNYJUJB4CMI73E-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows a toll station on the Expressway undertaken by the China Road and Bridge Corporation (CRBC) on a public-private partnership (PPP) basis, in Nairobi, Kenya May 8, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Sept 4 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity picked up in August as firms recovered from disruption caused by anti-government protests the previous month, a survey showed on Wednesday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index rose to 50.6 in August from 43.1 a month earlier. Readings below 50.0 signal a contraction in activity, while those above 50.0 indicate expansion.



&#8220;The Stanbic Bank Kenya PMI indicated a mild recovery in business conditions during August as the impact of protests faded, allowing firms to broadly resume normal operations,&#8221; Stanbic Bank Kenya said in comments accompanying the survey.



The July figure was a drop from 47.2 in June and reflected the effects of protests against the government during both months which disrupted some business activity.



In June, President William Ruto discarded the government&#8217;s finance bill for the year, which contained tax hikes worth 346 billion shillings ($2.69 billion), following deadly street protests.



&#8220;Output increased across three of the five broad sectors covered by the survey, with renewed growth in services, wholesale &amp; retail and construction,&#8221; Stanbic Bank Kenya said.



&#8220;By contrast, there were declines in activity across manufacturing and agriculture.&#8221;



The survey painted a gloomy outlook, with most of those polled expressing pessimism over economic prospects for the next 12 months, and only 5% of companies saying they expected growth.



&#8220;Business expectations worsened in August, implying firms as less hopeful about output over the next 12 months,&#8221; Christopher Legilisho, an economist at Stanbic Bank, said.



(Reporting by George Obulutsa; Editing by Christina Fincher)

FILE PHOTO: Shadow of Kenya’s borrowing binge to hang over next president

Kenya private sector activity picks up in August, PMI shows

<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, Sept 4 (Reuters) &#8211; Kenya&#8217;s shilling firmed slightly against the dollar on Wednesday, LSEG data showed.



At 0720 GMT, the shilling traded at 128.25/129.25 to the U.S. currency, compared with Tuesday&#8217;s closing rate of 128.50/129.50.



Traders had said earlier this week that the shilling was expected to gain ground, helped by dollar inflows from the agriculture and tourism sectors.



(Reporting by George Obulutsa; Editing by Alexander Winning)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling gains ground against the dollar – LSEG data

<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, Sept 3 (Reuters) &#8211; The Ugandan shilling was broadly stable on Tuesday, although it was expected to weaken due to increased demand for dollars from general merchandise importers, traders said.



At 0740 GMT, commercial banks quoted the shilling at 3,720/3,730, compared with Monday&#8217;s closing rate of 3,718/3,728.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling broadly stable, to ease due to importer 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, Sept 3 (Reuters) &#8211; Kenya&#8217;s shilling was unchanged on Tuesday, and traders said it was expected to strengthen, helped by tea export dollar inflows.



At 0731 GMT, commercial banks quoted the shilling at 128.25/129.25 per dollar, the same level as Monday&#8217;s closing.



(Reporting by George Obulutsa; Editing by)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling stable, agriculture exports boost eyed

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="529" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-820x529.jpg" alt="" class="wp-image-526339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-820x529.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-768x495.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-1536x990.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/UM66JBLQ7VPINAMXMHYRISRV7U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An Ethiopian Airlines Boeing 787-9 Dreamliner plane is seen at the Asmara International Airport in Asmara, Eritrea July 18, 2018. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Sept 3 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia&#8217;s state-owned carrier Ethiopian Airlines&nbsp;said it&nbsp;has suspended flights to neighbouring Eritrea, citing unspecified difficult operating conditions.



Eritrea had previously said it would suspend all Ethiopian Airlines flights at the end of this month.



Flights from Ethiopia to Eritrea had resumed in 2018 after two decades, following a peace deal and resumption of diplomatic relations between the two neighbours that earned Ethiopia&#8217;s Prime Minister Abiy Ahmed a Nobel peace prize a year later.



Five diplomats told Reuters the suspension was a tangible signal that the relationship between Asmara and Addis had soured significantly, but said the risk of conflict resuming was unlikely for now.



The two countries had previously severed ties in 1998, when a two-year war between the two nations started over their disputed border.



Eritrea fought alongside Ethiopia in a war that erupted in November 2020 against regional forces from&nbsp;Ethiopia&#8217;s Tigray region, but relations soured once again after Asmara was excluded from the peace talks that ended that conflict two years later, and because some of its troops remain in Tigray.



&#8220;Ethiopian Airlines regrets to inform its valued customers travelling to/from Asmara that it has suspended its flights to Asmara effective Sept.3 &#8230; due to very difficult operating conditions it has encountered in Eritrea that are beyond its control,&#8221; Ethiopian Airlines said in a statement late on Monday.



The airline said it would try to rebook affected passengers on other airlines at no additional cost or offer refunds, but did not give more details on the conditions it was referring to



Eritrea Information Minister Yemane Gebremeskel did not immediately respond to a request for comment.



Ethiopian Airlines is ranked the largest in Africa by revenue and profit by the global industry body International Air Transport Association.



(Reporting by Dawit Endeshaw in Addis Ababa and Giulia Paravicini in Nairobi; Writing by George Obulutsa; Editing by Lincoln Feast.)

An Ethiopian Airlines Boeing 787 plane is seen at the Asmara International Airport in Asmara

Ethiopian Airlines says it has stopped flights to Eritrea

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1280" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg" alt="" class="wp-image-525041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/MLMMPYYK3JO6FGC6TA5OERDDR4-1536x1024.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A customer stands in front of the bread section at a supermarket in Nairobi, Kenya May 8, 2017. Picture taken May 8, 2017. REUTERS/Baz Ratner/File Photo</figcaption></figure>



NAIROBI, Aug 30 (Reuters) &#8211; Kenya&#8217;s inflation edged up to 4.4% year-on-year in August from 4.3% in July, data from the statistics office showed on Friday.



On a month-on-month basis inflation was flat at 0.0% from -0.2% in July, 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 cut its benchmark lending rate by 25 basis points earlier this month, saying there was scope to ease policy gradually as inflation had fallen below the midpoint of its target range.



(Reporting by George Obulutsa and Hereward Holland; Editing by Alexander Winning)

MLMMPYYK3JO6FGC6TA5OERDDR4

Kenya’s inflation rises slightly to 4.4% yr/yr in August

<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, Aug 30 (Reuters) &#8211; The Ugandan shilling was flat on Friday, due to low dollar supply and demand, traders said.



At 1036 GMT, commercial banks quoted the shilling at 3,710/3,720, the same level as Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling flat amid thin activity

<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, Aug 30 (Reuters) &#8211; The Kenyan shilling was unchanged on Friday, with little market activity, traders said.



At 0823 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same as at the close of Thursday&#8217;s session.



&#8220;We&#8217;re not seeing any interest on either side. No major tickets on bids or offers,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

Kenyan shilling unchanged in quiet market, traders say

<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, Aug 29 (Reuters)&nbsp;&#8211;&nbsp;The Ugandan shilling&nbsp;UGX=&nbsp;was little-changed on Thursday, with some inflows of dollars from offshore investors who participated in this week&#8217;s Treasury auction giving support, traders said.



At 1046 GMT, commercial banks quoted the shilling at 3,710/3,720, compared with Wednesday&#8217;s closing rate of 3,712/3,722.



(Reporting by Elias Biryabarema;Editing by George Obulutsa)

UGANDA SHILLING

Ugandan shilling steady, offshore investor FX flows offer support

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="471" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/shilling-1.avif" alt="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" class="wp-image-524625"/></figure>



NAIROBI, Aug 29 (Reuters) &#8211; The Kenyan shilling KES= was flat on Thursday, as month-end hard-currency demand from the manufacturing sector was offset by foreign investor inflows for the local bond market, traders said. At 0835 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same as at the close of Wednesday&#8217;s session. &#8220;It&#8217;s very stable. Demand and supply seem to be evenly matched. There&#8217;s been some good (FX) demand but offshore flows are coming for the infrastructure bond,&#8221; one trader said. The shilling has been relatively steady for several months, after rallying strongly in the first half of 2024 as concerns eased that the East African country would default on a $2 billion Eurobond that matured in June. (Reporting by Hereward HollandEditing by Alexander Winning)

shilling

Kenyan shilling flat as FX inflows meet manufacturing demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Aug 28 (Reuters) &#8211; The Kenyan shilling strengthened a little on Wednesday, with foreign exchange inflows from tea exporters slightly outweighing month-end demand from the manufacturing sector, traders said.



At 0935 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, compared to 128.50/129.50 at the close of Tuesday&#8217;s session.



&#8220;The major (foreign-currency) supply is from our agricultural sector. Also the central bank is in the market, buying dollars to prevent volatility,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling strengthens slightly on tea exporter FX inflows

<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, Aug 27 (Reuters) &#8211; The Kenyan shilling was steady on Tuesday, with foreign exchange inflows from the diaspora matching muted demand from fuel importers and manufacturers, traders said.



At 0822 GMT, LSEG data showed the shilling at 128.25/129.25 to the U.S. dollar, the same level it closed on Monday.



(Reporting by Hereward Holland; Editing by Alexander Winning)

LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenyan shilling steady as diaspora FX inflows match demand

<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, Aug 26 (Reuters) &#8211; The Ugandan shilling  was marginally firmer against the U.S. dollar on Monday, with some end-month inflows of hard currency from non-governmental organisations helping lend support to the local currency, traders said.



At 0920 GMT commercial banks quoted the shilling at 3,707/3,717, a notch firmer than Friday&#8217;s close of 3,710/3,720.



(Reporting by Elias Biryabarema; Editing by)

GettyImages-924883576-1

Ugandan shilling firms slightly on aid agency 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/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, Aug 26 (Reuters) &#8211; The Kenyan shilling was stable on Monday, with traders saying market activity was muted despite S&amp;P Global downgrading the country&#8217;s sovereign credit rating late on Friday.



At 0813 GMT, LSEG data showed the shilling at 128.50/129.50 to the U.S. dollar, the same level it closed on Friday.



The shilling has traded relatively evenly in recent weeks, shrugging off major protests that started in June and forced the government to abandon tax hikes contained in the government&#8217;s annual finance bill.



S&amp;P downgraded Kenya&#8217;s rating deeper into &#8220;junk&#8221; territory, to &#8216;B-&#8216; from &#8216;B,&#8217; citing the repeal of the latest year&#8217;s finance bill, which it said will slow fiscal consolidation.



&#8220;The market&#8217;s dead. Everyone is just holding off. Nobody is keen on buying, they&#8217;re just covering some small positions,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

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Kenyan shilling steady in muted trade; no reaction to S&P downgrade

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-820x547.jpg" alt="" class="wp-image-522325" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-2162879043-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">BUDAPEST, HUNGARY &#8211; JULY 21: Lewis Hamilton of Great Britain and Mercedes waves to the crowd on the drivers parade prior to the F1 Grand Prix of Hungary at Hungaroring on July 21, 2024 in Budapest, Hungary. (Photo by Dean Mouhtaropoulos/Getty Images)</figcaption></figure>



ZANDVOORT, Netherlands, (Reuters) &#8211; Lewis Hamilton said on Thursday the time was right for a Formula One race in Africa and he was working behind-the-scenes with Rwanda and South Africa to try to make it happen.



The seven-times world champion spoke to reporters at the Dutch Grand Prix after visiting Africa during the sport&#8217;s August break.



&#8220;The time&#8217;s 100% right. We can&#8217;t be adding races in other locations and continue to ignore Africa, which the rest of the world just takes from. No one gives anything to Africa,&#8221; said the Mercedes driver.



&#8220;I think having a Grand Prix there will really be able to highlight just how great the place is and bring in tourism and all sorts of things. Why are we not on that continent?



&#8220;There is at least one track that&#8217;s ready. In the short term, we should just get on that track and have that part of the calendar, and then work on building out something really cool.&#8221;



Formula One has long wanted to return to Africa for the first time since South Africa&#8217;s Kyalami circuit last hosted a race in 1993, but financial issues have been a major obstacle.



Formula One chief executive Stefano Domenicali said this month that Rwanda wanted to host a race at a permanent circuit, yet to be built, and there would be further discussions in September.



Hamilton, Formula One&#8217;s first and only Black driver, said he would also be speaking with Domenicali.



&#8220;Rwanda is one of my favourite places I&#8217;ve been to actually. I&#8217;ve been doing a lot of work in the background on it,&#8221; said the Briton.



&#8220;I&#8217;ve spoken to people in Rwanda, I&#8217;ve spoken to people in South Africa. That&#8217;s a longer project, Rwanda, but it&#8217;s amazing that they&#8217;re so keen to get a part of it.&#8221;



The 39-year-old Briton has made several visits to Africa with the United Nations refugee agency UNHCR and his latest trip took him to Morocco, Senegal, Benin, Mozambique and Madagascar.



&#8220;I&#8217;m still digesting the trip to be honest. Going to a refugee camp and seeing the work that is being done there and how people who are displaced are affected,&#8221; he said.



&#8220;It&#8217;s one thing reading about it, or hearing on the news, but actually seeing and speaking to kids who are walking 10km to get to school just to have an education and then 10k back and not having school meals and being able to eat during the day.



&#8220;That was really heavy to see and experience and then the history of Senegal and seeing the slave areas was really heavy as well.



&#8220;Through all those experiences I feel it&#8217;s just adding to my compass of what I want to do moving forwards,&#8221; said Hamilton.



(Reporting by Alan Baldwin, editing by Clare Fallon)

F1 Grand Prix of Hungary

Hamilton working with Rwanda and South Africa on F1 race plans

<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>



Aug 22 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan and Ugandan shillings are expected to strengthen against the dollar in the coming week to Thursday, while Zambia&#8217;s kwacha and Ghana&#8217;s cedi are seen weakening and Nigeria&#8217;s naira as holding steady, traders said.



<h2 class="wp-block-heading" id="h-kenya">KENYA</h2>



Kenya&#8217;s shilling is expected to firm slightly in the coming week as foreign currency demand from the manufacturing and fuel sector appears to have waned.



Commercial banks quoted the shilling at 128.50/129.50 per dollar on Thursday, the same level it closed last Thursday.



&#8220;I&#8217;m hoping a bit more demand might come onto the market, or it&#8217;s likely to strengthen,&#8221; said one trader at a commercial bank.



<h2 class="wp-block-heading" id="h-nigeria">NIGERIA</h2>



Nigeria&#8217;s naira is seen holding steady around current levels on the official market next week amid expectations that the central bank will sell dollars to ease rising demand.



LSEG data showed the naira was quoted at 1,580 to the dollar on the official market on Thursday, around the same level a week ago. The unit sold at about 1,605 on the parallel market on Thursday.



This week, the Central Bank of Nigeria (CBN) reported a record $553 million in remittance inflows for July, a 130% rise from a year ago.



&#8220;The major take is that importers expect the CBN will intervene in the market, which will help to clear outstanding demand,&#8221; one trader said.



<h2 class="wp-block-heading" id="h-ghana">GHANA</h2>



Ghana&#8217;s cedi is likely to slip next week as investors looked to purchase hard currency amid poor forex supply.



LSEG data showed the cedi trading at 15.58 to the dollar, from 15.55 at last Thursday&#8217;s close.



&#8220;After a couple of weeks of relative strength, the cedi faltered a bit following the government&#8217;s coupon payment on the DDEP (Domestic Debt Exchange Programme) bonds as investors looked to purchase hard currency,&#8221; Sedem Dornoo, a senior trader at Absa Bank Ghana, said.



&#8220;We expect to see some more pressure on the local unit next week but do not reckon the pair will rise too high, especially amidst continued support from the central bank, who&#8217;ve sold roughly $71 million in three 7-day FX forward auctions in the past week,&#8221; he added.



Another trader said the central bank&#8217;s intervention had helped to save the cedi from steep losses against the dollar.



<h2 class="wp-block-heading" id="h-uganda">UGANDA</h2>



The Ugandan shilling is seen trading with a strengthening tone in the coming days as typical end-month inflows of hard currency from some non-governmental organisations (NGOs) lend support to the local currency, traders said.



Commercial banks quoted the shilling at 3,707/3,717 on Thursday, compared to the last Thursday&#8217;s close of 3,720/3,730.



&#8220;Charity flows are expected as we head into the last days of the month, the local unit will draw a bit of support from that,&#8221; said an independent foreign exchange trader.



Charities convert part of their donations which they receive in hard currency to shillings to meet end-month operational expenses.



<h2 class="wp-block-heading" id="h-zambia">ZAMBIA</h2>



Zambia&#8217;s kwacha is likely to come under mild pressure against the dollar next week due to sustained greenback demand from importers amidst scant supply.



On Thursday, the currency of Africa&#8217;s second-largest copper producer was trading at 25.9220 per dollar from 26.2500 a week ago.



&#8220;With inflows thinning out and demand picking up, we anticipate the local unit to weaken slightly in the short term,&#8221; Zambia National Commercial Bank said in a note.



(Reporting by Christian Akorlie, Chris Mfula, Hereward Holland, Elias Biryabarema and Elisha Bala-Gbogbo; Editing by David Holmes)

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Kenyan shilling steady as diaspora FX inflows match demand

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East Africa

World Bank, French Development Agency give Uganda aid of over $600 mln

Kenya private sector activity picks up in August, PMI shows

Kenyan shilling gains ground against the dollar – LSEG data

Ugandan shilling broadly stable, to ease due to importer FX demand

Kenyan shilling stable, agriculture exports boost eyed

Ethiopian Airlines says it has stopped flights to Eritrea

Kenya’s inflation rises slightly to 4.4% yr/yr in August

Ugandan shilling flat amid thin activity

Kenyan shilling unchanged in quiet market, traders say

Ugandan shilling steady, offshore investor FX flows offer support

Kenyan shilling flat as FX inflows meet manufacturing demand

Kenyan shilling strengthens slightly on tea exporter FX inflows

Kenyan shilling steady as diaspora FX inflows match demand

Ugandan shilling firms slightly on aid agency inflows

Kenyan shilling steady in muted trade; no reaction to S&P downgrade

Hamilton working with Rwanda and South Africa on F1 race plans

Kenyan and Ugandan shilling to firm, Zambia’s currency seen falling

News Tips

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