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☆ Kenya: Hundreds arrested as protests flare over tax hikes
▼ + stars: | 2024-06-19 | by ( Nimi Princewill | ) edition.cnn.com time to read: +2 min

CNN —Protests have erupted in parts of Kenya, with hundreds detained by police as citizens rejected planned tax hikes in the East African nation already grappling with escalating living costs. Civil society groups said that at least 283 people have been arrested since Tuesday as protests flared over the proposed hikes. Among the taxes suspended was a 16% value-added tax on bread and a 2.5% tax on motor vehicles, a statement from Kenya’s presidency said. Amnesty International’s Kenya office said it was “deeply outraged by the arbitrary arrest of peaceful protestors” in Nairobi on Tuesday. An alliance of civil society groups called for the unconditional release of detained protesters, which it said included journalists.

Persons: Kenyan John Wills Njoroge, It’s, “, ” Organizations: CNN, Kenyan, NTV, Kenyan Police Service, ” CNN Locations: Kenya, East, Nairobi, Mombassa, Mombasa, Kenya’s

☆ Safaricom launches M-Pesa mobile money service in Ethiopia
▼ + stars: | 2023-08-16 | by ( Dawit Endeshaw | ) www.reuters.com time to read: +2 min

[1/2] A customer displays the package of a Safaricom Ethiopia sim card during the service launch in Addis Ababa, Ethiopia, October 6, 2022. REUTERS/Tiksa Negeri/File Photo Acquire Licensing RightsADDIS ABABA, Aug 16 (Reuters) - Safaricom's (SCOM.NR) M-Pesa mobile money service went live in Ethiopia on Wednesday, in a boost to the Kenyan telecoms operator as it seeks to kickstart growth in one of Africa's biggest economies. The company also faces stiff competition from Ethio Telecom, whose profits more than doubled in its latest financial year. In July, Ethio Telecom reported having more than 34 million subscribers to its mobile money service Telebirr. Mobile money services are common in East Africa, allowing customers to send and receive money and pay for goods and services.

Persons: Safaricom, Stanley Njoroge, Dawit, Elias Biryabarema, Aaron Ross, Jane Merriman Organizations: REUTERS, Tiksa, South Africa’s Vodacom, Britain’s Vodafone, Democratic, Ethio Telecom, Thomson Locations: Ethiopia, Addis Ababa, ADDIS ABABA, Horn of Africa, Kenya, Democratic Republic of Congo, Egypt, Ghana, Lesotho, Mozambique, Tanzania, Mobile, East Africa

☆ Kenyan, Zambian currencies expected to weaken
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +4 min

[1/2] Kenya Central Bank Governor Patrick Njoroge displays Kenyan shilling bank notes during a news conference at the Central Bank in Nairobi, Kenya, June 3, 2019. One trader at a commercial bank said the currency was expected to float around 141.00 levels. GHANAGhana's cedi is expected to hold steady against the dollar next week on the back of high foreign exchange liquidity following central bank support, traders said. Bid-offer spreads are also expected to tighten further," said Sedem Dornoo, a senior trader at Absa Bank Ghana. UGANDAThe Ugandan shilling is expected to firm in the coming week, drawing support from hard currency inflows from exporters of commodities such as coffee.

Persons: Kenya Central Bank Governor Patrick Njoroge, Baz Ratner, GHANA Ghana's cedi, Sedem Dornoo, Chris Nettey, ZAMBIA Zambia's kwacha, Elias Biryabarema, Chris Mfula, Bhargav Acharya, Elisha Bala, Hereward Organizations: Kenya Central Bank Governor, Central Bank, REUTERS, KENYA, GHANA Ghana's, greenback, Absa Bank, Trading Stanbic Bank, ZAMBIA Zambia's, Access Bank, Bank, Thomson Locations: Nairobi, Kenya, JOHANNESBURG, Ghana, Nigeria, NIGERIA, GHANA, Absa Bank Ghana, Trading Stanbic Bank Ghana, UGANDA, Kampala, ZAMBIA

☆ Kenya's parliament approves appointment of new central banker
▼ + stars: | 2023-06-07 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

He will replace Patrick Njoroge, who is retiring after serving two terms as the central bank governor since 2015. In a voice vote, lawmakers adopted the report of the National Assembly's finance committee, which urged the house to back his appointment after vetting his suitability for the post. His predecessor, Njoroge, has maintained stable prices for most of his eight years at the helm. But the World Bank expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture. Reporting by Duncan Miriri; Writing by Alexander Winning; Editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Thugge, William Ruto's, Kamau, Ruto, Patrick Njoroge, Duncan Miriri, Alexander Winning, David Evans Organizations: Njoroge, National, Johns Hopkins University, International Monetary Fund, Kenyan, Treasury, Bank, Thomson Locations: Ruto, U.S

Kenya, along with other African frontier market nations, has been frozen out of international capital markets since early last year. However, it expects $250 million from syndicated loans this month and a $1 billion budgetary support loan from the World Bank in May, Njoroge said. "This compensates for the $1.2 billion we couldn't get from the market last year." Njoroge said Kenya is also seeking a new loan under the Fund's Resilience and Sustainability Trust (RST) to help countries ensure sustainable growth. Stubbornly high inflation that provoked a larger than expected rate hike last month was largely due to high food prices.

☆ Central Bank of Kenya governor: We felt onward shocks from banking sector turmoil
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral Bank of Kenya governor: We felt onward shocks from banking sector turmoilPatrick Njoroge, governor of the Central Bank of Kenya, discusses inflation, financial stability and how recent volatility in U.S. and European banks has had knock-on effects.

☆ Kenya's Ruto appoints second central bank deputy governor
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

NAIROBI, March 11 (Reuters) - Kenya's President William Ruto has appointed Susan Koech, a career banker who has also worked in top government posts, to be the second deputy governor of the central bank, his spokesperson said. The post had been unoccupied for more than five years after Ruto's predecessor failed to fill it when its previous occupant left. The bank has been led by Governor Patrick Njoroge and one deputy, Sheila M'mbijiwe. Hussein Mohamed, Ruto's spokesperson, said on Twitter late on Friday Ruto had made the appointment, using a legal notice. Neither the central bank nor the previous government had ever commented on the vacancy for the second deputy.

☆ Kenya's president picks banker for deputy cenbank governor - senate document
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

NAIROBI, Feb 13 (Reuters) - Kenya's President William Ruto has nominated Susan Koech, a career banker who has also served in top government posts, to be the second deputy governor of the central bank, a parliamentary document showed. The post has been vacant for more than five years after Ruto's predecessor failed to fill it when its previous occupant left. The bank has been running under the leadership of Patrick Njoroge as the governor, and one deputy, Sheila M'mbijiwe. Neither the central bank, nor the previous government, has ever commented on the vacancy for the second deputy. Her nomination has to be approved by parliament, which is controlled by Ruto's Kenya Kwanza political coalition.

DAVOS, Switzerland, Jan 20 (Reuters) - Kenya's central bank expects inflation to fall within its target range during the first quarter of 2023 and is comfortable with its trajectory, Governor Patrick Njoroge said at the World Economic Forum in Davos, Switzerland. Kenya's inflation in December dipped to 9.1%, still above the bank's target range of 2.5% to 7.5%. With that in mind, the bank expects the Kenyan economy to grow 6.2% this year, Njoroge said, and does not expect a potential global recession to be "unmanageable". The bank is also not worried about depreciation of the Kenyan shilling, and expects more external financing to support the government budget, Njoroge said. The Kenyan shilling has slipped 0.54% against the U.S. dollar this year after falling over 9% in 2022.

☆ Kenya central bank governor: We've been managing our debt situation quite effectively
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKenya central bank governor: We've been managing our debt situation quite effectivelyPatrick Njoroge, the governor of the Central Bank of Kenya, speaks to CNBC's Karen Tso at Davos 2023.

Kenya's former Central Bank Governor Njuguna Ndung'u speaks to Reuters during an interview at his office in Nairobi. File REUTERS/ Antony NjugunaRegister now for FREE unlimited access to Reuters.com RegisterNAIROBI, Sept 27 (Reuters) - Kenyan President William Ruto on Tuesday appointed former central bank governor Njuguna Ndung'u as finance minister to steer the economy through rising inflation, a heavy debt burden and drought. Ruto also appointed a former vice president and deputy prime minister, Musalia Mudavadi, as his chief minister, a newly created post, to coordinate government business. He appointed Alfred Mutua, a former government spokesman and county governor, as minister of foreign affairs, and lawmaker Aden Duale as his defence minister. The tenure of the current central bank governor, Patrick Njoroge, is set to end in June next year.

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