<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 6 (Reuters) &#8211; Kenya&#8217;s shilling eased slightly on Tuesday, and traders said it was expected to hold steady during the session, with dollar demand from various sectors being matched by supply.



At 0730 GMT, commercial banks quoted the shilling at 129.50/130.50 per dollar, compared with Monday&#8217;s closing rate of 129.25/130.25.



(Reporting by George Obulutsa; Editing by Duncan Miriri)

Kenyan shilling eases slightly; expected to hold steady

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-scaled.jpg" alt="" class="wp-image-515689" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/TOL6J7SJYRMGPNAZ74HRQWMU7U-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: The Mobius II first generation SUV by Kenyan car maker Mobius Motors is seen in the company&#8217;s show room in Nairobi, Kenya March 6, 2019. Picture taken March 6, 2019. REUTERS/Baz Ratner/File Photo</figcaption></figure>



NAIROBI, Aug 6 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Mobius Motors, which started making rugged, low-priced SUVs designed for Africa&#8217;s roads a decade ago, has decided to stop operating due to financial challenges, a company statement and a shareholder source said on Tuesday.



Mobius, founded by a London-born investor who experienced the continent&#8217;s bumpy roads while working for a forestry company in Kenya, found tax hikes in the East African country meant its business model was no longer sustainable, the source at one of the company&#8217;s shareholders told Reuters.



&#8220;The business could not sustain itself. There were some challenges,&#8221; said the source, asking not to be named.



The owners considered moving production to a different country, but that option was rejected due to the logistical challenges of moving the existing assembly line from Nairobi, the shareholder added.



Mobius initially produced a boxy, no-frills SUV designed for the modest budgets of African consumers, going for 1.3 million Kenyan shillings, equivalent to about $13,000 at the time and roughly half the price of an imported second-hand SUV.



It later launched updated editions with extra features.



Mobius, whose investors include Britain&#8217;s Playfair Capital, was part of a push by investors and governments on the continent to create jobs by launching home-grown vehicle manufacturers. They included Uganda&#8217;s Kiira Motors, Ghana&#8217;s Kantanka and Nigeria-based Innoson Motors.



At the same time, global automakers such as Japan&#8217;s Toyota Motor Corp and Germany&#8217;s Volkswagen AG also boosted their investments in markets including Kenya and Rwanda to tap into growing economies and rising consumer demand.



They all, however, faced the same challenges: stiff competition from second-hand imports from abroad.



Creditors will meet on Aug. 15 to vote on the voluntary liquidation, the company &#8211; which was not listed &#8211; said in the statement that appeared in newspapers.



(Reporting by Duncan Miriri; Editing by Helen Popper)

FILE PHOTO: The Mobius II first generation SUV by Kenyan car maker Mobius Motors is seen in the company’s show room in Nairobi

Kenya’s Mobius, maker of rugged cars for African roads, calls it a day

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-820x511.jpg" alt="" class="wp-image-515376" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-1536x958.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/JKREOAPTKNJGHK4TSAYLUIJ7NA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Displaced Congolese people are reflected on a puddle, at the Muchacha primary school, where they live after recently fleeing from their Shasha village following clashes between M23 rebels and the Armed Forces of the Democratic Republic of the Congo (FARDC) in Sake, the Democratic Republic of Congo February 6, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



KAMPALA, Aug 5 (Reuters)&nbsp;&#8211;&nbsp;Nearly 100 police officers from the Democratic Republic of Congo fled to neighbouring Uganda over the weekend as fighting between M23 rebels and the military in Congo&#8217;s east intensified, a Ugandan military spokesperson said on Monday.



The officers arrived via the Ishasha border crossing in Kanungu district in southwestern Uganda, Major Kiconco Tabaro, a regional spokesperson for the Uganda People&#8217;s Defence Forces, said.



The 98 officers arrived with 43 guns and ammunition and were subsequently disarmed.



&#8220;They were fleeing fighting by M23 and other militias and the Congo military, there&#8217;s a lot of violence there and then there&#8217;s also hunger,&#8221; Tabaro said.



Over the past four days at least 2,500 more Congolese refugees have arrived in Uganda fleeing the raging violence across the border, he said.



&#8220;The main push factor is the intensifying violence and insecurity,&#8221; Tabaro said, adding that pregnant women, breastfeeding mothers and young children were among the refugees.



The M23 has been waging a fresh insurgency in Congo&#8217;s militia-plagued east since 2022. A United Nations report seen by Reuters last month said the Ugandan army has provided support to the Tutsi-led rebel group, a charge Uganda denies.



The U.N. has long accused Uganda&#8217;s neighbour Rwanda of backing the M23, which has repeatedly seized large parts of mineral-rich eastern Congo, allegations Rwanda denied.



Efforts by Congo&#8217;s military to push back the rebels have intensified over the past year with the use of drones and aircraft, although the rebels have still expanded territory under their control.



In June, the M23 seized the town of Kanyabayonga, whose location on high ground makes it a coveted gateway to other parts of eastern Congo&#8217;s North Kivu province.



Fighting in North Kivu has driven more than 1.7 million people from their homes, taking the total number of Congolese displaced by multiple conflicts to a record 7.2 million, according to U.N. estimates.



(Reporting by Elias Biryabarema; Editing by George Obulutsa and Ros Russell)

Thousands more flee rebel advance in eastern Congo

Congolese police officers flee to Uganda as fighting intensifies

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



KAMPALA, Aug 5 (Reuters) &#8211; The Ugandan shilling was weaker on Monday due to increased demand for dollars from commercial banks, traders said.



At 0916 GMT, commercial banks quoted the shilling at 3,725/3,735, compared with Friday&#8217;s closing rate of 3,718/3,728.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling weakens due to increased commercial bank FX 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/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-820x429.jpg" alt="" class="wp-image-515283" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Employees pack bottles of Kenya Cane spirit from a conveyor belt at the East African Breweries Limited factory in Ruaraka factory in Nairobi, Kenya April 6, 2018. REUTERS/Thomas Mukoya </figcaption></figure>



NAIROBI, Aug 5 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector activity dropped in July, undermined by the effects of public protests against the government which hurt confidence in the economy and disrupted some business activity, a survey showed on Monday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) fell to&nbsp;43.1 from 47.2 in June. Readings below 50.0 signal a contraction in activity.



&#8220;Protests in Kenya caused disruption to the private sector in July, leading to a marked deterioration in business conditions,&#8221; Stanbic Bank Kenya said in comments accompanying the survey.



&#8220;Political instability led to a reluctance among customers to commit to new orders, while the protests themselves in some cases blocked access to businesses and prevented them from opening.&#8221;



More than 50 people have been killed since mid-June, according to the government-funded Kenya National Commission on Human Rights (KNCHR), after protesters began taking to the streets to oppose tax increases in a now-shelved proposed law by President William Ruto&#8217;s government.



The youth-led marches continued after Ruto withdrew the tax legislation, with protesters calling for the president to resign and an end to what they called widespread government corruption and inefficiencies.



The intensity of the protests has since reduced.



&#8220;Private sector business activity deteriorated, reflecting ongoing demonstrations and unrest in parts of Kenya for some weeks now, discouraging output and new orders,&#8221; Christopher Legilisho, an economist at Stanbic Bank, said.



(Reporting by George Obulutsa; Editing by Susan Fenton)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_SQJ2VVQSQBJMPLT5VTNRT62TJQ

Kenya private sector activity falls in July amid public unrest, PMI shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-820x538.jpg" alt="" class="wp-image-513847" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-1536x1008.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Ethiopia&#8217;s birr notes in Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Aug 2 (Reuters)&nbsp;&#8211;&nbsp;Ethiopia will enjoy $4.9 billion in relief from debt repayments when it completes its current restructuring exercise, State Finance Minister Eyob Tekalign said on Friday.



The East African country is putting its long-delayed debt overhaul back on track after securing a new International Monetary Fund financing programme.



&#8220;We will sign and finalise with each individual (creditor) country over the course of the next few months,&#8221; Eyob told Reuters, referring to the savings.



Total external debt stood at $28.38 billion in March this year, data from the finance ministry showed.



Eyob was expounding on remarks made by Prime Minister Abiy Ahmed late on Thursday to explain recent economic reforms to the public via a televised event.



Abiy said the new exercise would include savings of $200 million from the restructuring of its $1 billion Eurobond.



Abiy defended this week&#8217;s switch to a market-determined foreign exchange rate, saying it aimed to close the gap between the official and black market rates and did not amount to a devaluation of the currency.



The central bank allowed the birr to float freely on Monday, fulfilling a key condition for securing financial support from the International Monetary Fund and other creditors, and for putting the nation&#8217;s long-delayed debt restructuring back on track.



The birr has since then lost 31.5% against the dollar, to trade at 83.94 per greenback, the country&#8217;s biggest lender, Commercial Bank of Ethiopia, said on Friday, and some economic analysts and commentators have voiced concern that inflation could surge.



&#8220;Saying Ethiopia has devalued its currency is wrong,&#8221; Abiy said late on Thursday in a televised briefing&nbsp;on the&nbsp;new policy.



&#8220;There were two markets. One is 100 and the other is 50. So when the gap between the two became wide, it brought many dangers. So what we said, (the two) should be unified,&#8221; he said



While lifting foreign exchange trading restrictions helped Ethiopia clinch the IMF deal and funding from other creditors including the World Bank, concern about the policy&#8217;s inflationary impact on low-income households has led at least two local governments to crack down on shops raising prices.



The government and its creditors say the liberalisation will help the private sector make a bigger contribution to the economy and boost long-term growth.



(Reporting by Dawit Endeshaw; Writing by George Obulutsa and Duncan Miriri; Editing by Helen Popper and Giles Elgood)

Ethiopia’s economy struggles due to shortage of foreign currency

Ethiopia to save $4.9 bln from debt restructuring, state minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg" alt="" class="wp-image-510212" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532392-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A worker at a foreign exchange currency bureau counts 1000 Ugandan shilling banknotes in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, Aug 2 (Reuters) &#8211; The Ugandan shilling was firmer on Friday, supported by a slowdown in demand for dollars from commercial banks and merchandise importers, traders said.



At 0940 GMT commercial banks quoted the shilling at 3,720/3,730, stronger than Thursday&#8217;s closing rate of 3,730/3,740.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling strengthens, low dollar demand helps

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, Aug 2 (Reuters) &#8211; Kenya&#8217;s shilling slipped on Friday due to dollar demand from the manufacturing sector, traders said, adding that a credit rating review by S&amp;P Global later this month could be a big driver in the weeks ahead.



At 0805 GMT, commercial banks quoted the shilling at 129.50/130.50 to the U.S. dollar, compared with Thursday&#8217;s closing rate of 129.00/130.00.



S&amp;P Global is scheduled to review Kenya&#8217;s sovereign rating on Aug. 23.



It currently has the East African country&#8217;s long-term foreign and local currency ratings in &#8220;junk&#8221; status, at &#8216;B&#8217; with a negative outlook.



Last month Moody&#8217;s downgraded Kenya&#8217;s local- and foreign-currency long-term ratings deeper into junk, to &#8216;Caa1&#8217; from &#8216;B3&#8217;, citing a diminished capacity to implement fiscal consolidation after President William Ruto withdrew planned tax hikes in response to mass protests.



(Reporting by George Obulutsa; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling slips on manufacturing FX demand; S&P review in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="563" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-820x563.jpg" alt="" class="wp-image-514141" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-820x563.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-768x527.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-1536x1054.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/GettyImages-1824644004-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">DUBAI, UNITED ARAB EMIRATES &#8211; DECEMBER 01: Abiy Ahmed Ali, Prime Minister of Ethiopia, speaks during day one of the high-level segment of the UNFCCC COP28 Climate Conference at Expo City Dubai on December 1, 2023 in Dubai, United Arab Emirates. The COP28, which is running from November 30 through December 12, brings together stakeholders, including international heads of states and other leaders, scientists, environmentalists, indigenous peoples representatives, activists and others to discuss and agree on the implementation of global measures towards mitigating the effects of climate change.
 (Photo by Sean Gallup/Getty Images)</figcaption></figure>



ADDIS ABABA, Aug 2 (Reuters)&nbsp;&#8211;&nbsp;Ethiopian Prime Minister Abiy Ahmed has defended this week&#8217;s switch to a market-determined foreign exchange rate, saying it aimed to close the gap between the official and black market rates and did not amount to a devaluation of the birr currency.



The central bank allowed the birr to float freely on Monday, fulfilling a key condition to secure financial support from the International Monetary Fund and other creditors, and to put the nation&#8217;s long-delayed debt restructuring back on track.



The birr has since then lost 31.5% against the dollar, to trade at 83.94 per greenback, the country&#8217;s biggest lender, Commercial Bank of Ethiopia, said on Friday, and some economic analysts and commentators have voiced concern that inflation could surge.



&#8220;Saying Ethiopia has devalued its currency is wrong,&#8221; Abiy said late on Thursday in a televised briefing to explain the new policy.



&#8220;There were two markets. One is 100 and the other is 50. So when the gap between the two became wide, it brought many dangers. So what we said (the two) should be unified,&#8221; he said.



While lifting foreign exchange trading restrictions helped Ethiopia clinch the IMF deal and funding from other creditors including the World Bank, concern about the policy&#8217;s inflationary impact on low-income households has led at least two local governments to crack down on shops raising prices.



The government and its creditors say the liberalisation will help the private sector make a bigger contribution to the economy and boost long-term growth.



Hours after floating the currency, Ethiopia got a new financing deal of $3.4 billion from the IMF, a move a senior finance ministry official said would make way for the completion of its debt restructuring in the next three to six months.



Soon after, the World Bank approved $1.5 billion in financing for its first ever budget support lending to Ethiopia. Abiy said the new financing would save $200 million from the restructuring of its $1 billion Eurobond.



(Reporting by Dawit Endeshaw; Writing by George Obulutsa; Editing by Duncan Miriri and Helen Popper)

COP28 UNFCCC Climate Conference: High-Level Segment Day One

Ethiopia’s PM defends currency float amid inflation concerns

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1344" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-scaled.jpg" alt="" class="wp-image-513847" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/2ULCJYYHB5OH5O2DRQ44X3IBDI-1-1536x1008.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">FILE PHOTO: A man counts Ethiopia&#8217;s birr notes in Merkato, one of Africa&#8217;s biggest open air market, in Addis Ababa, Ethiopia, April 25, 2024. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



ADDIS ABABA, Aug 1 (Reuters)&nbsp;&#8211;&nbsp;At least two Ethiopian local governments have ordered the closure of dozens of businesses found hiking prices of basic commodities after the central bank floated the national currency, officials said on Thursday.



The Ethiopian birr weakened by 28% against the dollar this week after the central bank adopted a market-determined foreign exchange rate to secure a new International Monetary Fund lending programme and to put debt restructuring back on track.



&#8220;The businesses were caught making unreasonable price increases mostly on food items &#8230; The stocks were imported before the new exchange rate,&#8221; said Sewnet Ayele, a spokesperson for the Addis Ababa City Trade Bureau.



Some 71 businesses have been affected by the closure order, Sewnet said. In Oromiya region, another 19 businesses were closed and three people detained, said Meseret Assefa, head of the Trade Bureau of Oromiya.



&#8220;Those whose business are closed were the ones who increased prices on items just immediately after the (exchange rate) announcement,&#8221; Meseret said.



The main commodity whose price has gone up is cooking oil, which is selling at 25%, or 300 birrs, more, said a trader in Addis Ababa, who did not wish to be named.



Other commodities whose prices have gone up by a smaller margin include rice, said the trader.



Although the removal of foreign exchange trading restrictions helped Ethiopia to clinch the IMF deal and funding from other creditors like the World Bank, some Ethiopian analysts fear it will cause price hikes that hit the poor hardest.



The government and its development partners say the liberalisation will help the private sector make a bigger contribution to the economy and boost long-term growth.



(Reporting by Dawit Endeshaw; Writing by Duncan Miriri; Editing by Giles Elgood)

Ethiopian local authorities crack down on price hikes after currency float

<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 1 (Reuters) &#8211; The Ugandan shilling was weaker on Thursday, pressured by strong demand for dollars from commercial banks, traders said.



At 0829 GMT, commercial banks quoted the shilling at 3,733/3,743, compared with Wednesday&#8217;s closing rate of 3,724/3,734.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

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Ugandan shilling weaker due to increased commercial bank FX demand

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1200" height="628" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w" sizes="auto, (max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



AIROBI, Aug 1 (Reuters) &#8211; The Kenyan shilling dipped against the US dollar on Thursday, according to data from the London Stock Exchange Group (LSEG).



As of 0802 GMT, the shilling exchanged hands at 129.00/130 per dollar, sliding from Wednesday&#8217;s closing rate of 128.50/129.50.



The depreciation of the shilling is usually attributed to heightened demand for dollars from sectors such as energy and manufacturing.



(Reporting by George Obulutsa; Editing by Bate Felix)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenya’s shilling dips against the dollar – LSEG data

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1005" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg" alt="" class="wp-image-433367" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI.jpg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/12/PF3JNZQUQ5M65OD7XXTYURHSSI-1536x804.jpg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko</figcaption></figure>



MAPUTO, July 31 (Reuters)&nbsp;&#8211;&nbsp;Mozambique&#8217;s central bank cut its MIMO interest rate to 14.25% from 15.00% on Wednesday, the fourth meeting in a row at which the rate has been reduced.



Bank of Mozambique Governor Rogério Zandamela told reporters that inflation was projected to remain in single digits in the medium term.



The southern African country&#8217;s inflation fell to 3.04% year on year in June from 3.07% in May, statistics agency data showed this month.



(Reporting by Manuel Mucari; Writing by Tannur Anders; Editing by Alexander Winning)

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Mozambique central bank cuts key rate by 75 basis points

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg" alt="" class="wp-image-510612" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1815421853-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President of Kenya William Ruto during the United Nations Climate Change Conference COP28 High Level Segment meeting in Dubai, United Arab Emirates on December 1, 2023. (Photo by Jakub Porzycki/NurPhoto via Getty Images)</figcaption></figure>



NAIROBI, July 31 (Reuters) &#8211; Kenya&#8217;s Court of Appeal on Wednesday declared the government&#8217;s 2023 finance law unconstitutional, inflicting a new blow to the government of President William Ruto who withdrew this year&#8217;s finance bill after deadly protests.



The finance bills, which are presented to parliament at the start of every financial year, are the main vehicle for the government to set out its revenue-raising measures including tax hikes and the introduction of new levies.



The 2023 version was challenged in court following a round of political opposition-led street protests that turned violent, after Ruto&#8217;s government used it to double the value added tax on fuel, introduce a housing tax, and raise the top personal income tax rate, among other measures.



&#8220;A further declaration is hereby issued that the failure to comply with this constitutional dictate renders the entire Finance Act, 2023 unconstitutional,&#8221; a three-judge bench of the Court of Appeal said in a ruling.



The court&#8217;s verdict was in respect of an appeal of another one from the High Court late last year, which largely left the finance bill intact, only striking out the housing levy.



The government pushed through a new law to allow it to continue collecting the housing tax after that ruling and that law is also being challenged in court.



The government, which has been relying on the 2023 finance law to continue collecting taxes after Ruto withdrew this year&#8217;s bill, did not immediately comment on the ruling.



The government can appeal the Court of Appeal ruling at the Supreme Court, which is the highest court.



Reuters could not reach the office of the Chief Minister Musalia Mudavadi for comment. The top official at the finance ministry, Chris Kiptoo, did not respond to requests for comment.



Ruto has nominated a new finance minister after he fired all ministers but one in response to the youth-led violent protests that started last month.



Ruto says the higher taxes are necessary to enable the government to fund development programmes while paying off a heavy public debt load that currently exceeds the recommended level by the International Monetary Fund and the World Bank.



The government has submitted a new economic plan to the IMF and it expects the board of the fund to consider it at the end of August.



(Writing by Duncan Miriri; Editing by George Obulutsa and Mark Potter)

COP28 In Dubai High Level Segment

Kenyan court nullifies 2023 finance law in new blow to President Ruto

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



KAMPALA, July 31 (Reuters) &#8211; The Ugandan shilling was barely changed on Wednesday, with some end-month dollar inflows from charities offering some support, traders said.



At 1050 GMT, commercial banks quoted the shilling at 3,716/3,726, compared with Tuesday&#8217;s closing rate of 3,717/3,727.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling stable, draws support from charity FX inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 31 (Reuters) &#8211; Kenya&#8217;s shilling strengthened on Wednesday, lifted by dollar inflows from horticultural produce exporters, traders said.



At 0751 GMT, commercial banks quoted the shilling at 128.50/129.50 to the U.S. dollar, compared with Tuesday&#8217;s closing rate of 129.50/130.50.



(Reporting by George Obulutsa; Editing by Alexander Winning)

Kenyan shilling firms; horticulture dollar inflows help

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1292" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



July 31 (Reuters)&nbsp;&#8211;&nbsp;The World Bank&#8217;s board has approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, the lender said late on Tuesday as the east African nation tries to push ahead with a long-running debt restructuring.



Africa&#8217;s second-most populous country secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after its central bank floated its birr currency, paving the way for its debt overhaul to move forward.



The World Bank will provide a grant of $1 billion and another $500 million in a low interest credit line, part of the first ever direct budgetary support facility provided to Ethiopia, the global lender said.



&#8220;This policy operation supports home-grown reforms that will ultimately help the country transition to a more inclusive economy that allows the private sector to contribute more strongly to growth,&#8221; the World Bank said.



The bank plans to &#8220;provide around $6 billion in new commitments over the next three fiscal years and support economic reforms through fast-disbursing budget support,&#8221; it said.



The funding is part of a $10.7 billion financing package by the IMF, World Bank and other creditors, according to Ethiopian officials.



The financial support, however, was conditional on the government implementing significant economic reforms, including the liberalisation of the foreign currency market.



Ethiopia&#8217;s birr  was down 3% against the dollar early on Wednesday, trading at 77.13. It was little changed on Tuesday after tumbling 30% on the day it was floated on Monday.



Ethiopia sought to restructure its sovereign debt in 2021, under the G20 Common Framework initiative to offer relief to developing nations, but progress was slowed by a civil war in the northern region of Tigray that ended the following year.



Ethiopia&#8217;s winding debt restructuring mirrors that of Chad and Zambia which completed their debt overhauls under the Common Framework. Ghana, another African country saddled with high debt, is nearing the finish line of its own restructuring under the initiative.



Ethiopia&#8217;s development partners have welcomed its move to a market-based foreign exchange rate, but some analysts have said the move could drive up inflation and the cost of living, especially for its poorest residents.



The country of 126.5 million people also faces a number of other challenges, including the impact of climate change and the post-war reconstruction of Tigray.



(Reporting by Urvi Dugar and Dawit Endeshaw; Writing by Duncan Miriri; Editing by Tomasz Janowski)

East Africa

Kenyan shilling eases slightly; expected to hold steady

Kenya’s Mobius, maker of rugged cars for African roads, calls it a day

Congolese police officers flee to Uganda as fighting intensifies

Ugandan shilling weakens due to increased commercial bank FX demand

Kenya private sector activity falls in July amid public unrest, PMI shows

Ethiopia to save $4.9 bln from debt restructuring, state minister says

Ugandan shilling strengthens, low dollar demand helps

Kenyan shilling slips on manufacturing FX demand; S&P review in focus

Ethiopia’s PM defends currency float amid inflation concerns

Ethiopian local authorities crack down on price hikes after currency float

Ugandan shilling weaker due to increased commercial bank FX demand

Kenya’s shilling dips against the dollar – LSEG data

Mozambique central bank cuts key rate by 75 basis points

Kenyan court nullifies 2023 finance law in new blow to President Ruto

Ugandan shilling stable, draws support from charity FX inflows

Kenyan shilling firms; horticulture dollar inflows help

World Bank approves $1.5 billion in financing for Ethiopia

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East Africa

Kenyan shilling eases slightly; expected to hold steady

Kenya’s Mobius, maker of rugged cars for African roads, calls it a day

Congolese police officers flee to Uganda as fighting intensifies

Ugandan shilling weakens due to increased commercial bank FX demand

Kenya private sector activity falls in July amid public unrest, PMI shows

Ethiopia to save $4.9 bln from debt restructuring, state minister says

Ugandan shilling strengthens, low dollar demand helps

Kenyan shilling slips on manufacturing FX demand; S&P review in focus

Ethiopia’s PM defends currency float amid inflation concerns

Ethiopian local authorities crack down on price hikes after currency float

Ugandan shilling weaker due to increased commercial bank FX demand

Kenya’s shilling dips against the dollar – LSEG data

Mozambique central bank cuts key rate by 75 basis points

Kenyan court nullifies 2023 finance law in new blow to President Ruto

Ugandan shilling stable, draws support from charity FX inflows

Kenyan shilling firms; horticulture dollar inflows help

World Bank approves $1.5 billion in financing for Ethiopia

News Tips

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