Ugandan shilling stable; to ease due to importer FX demand
At 0858 GMT, commercial banks quoted the shilling at 3,603/3,613, compared with Friday's closing rate of 3,600/3,610.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
Rwanda, Congo agree on outline for economic framework as part of peace deal
WASHINGTON/PARIS, Aug 1 (Reuters) - Rwanda and the Democratic Republic of Congo on Friday agreed on an outline for the regional economic integration framework, according to the U.S. State Department, as the two countries take steps toward delivering on a peace deal signed in Washington last month. The tenets agreed on Friday summarize the framework, which includes elements of cooperation on energy, infrastructure, mineral supply chains, national parks and public health, the State Department said in a statement. Rwanda and Congo signed a peace deal in Washington in June at talks held by U.S. President Donald Trump's administration, which aims to bring an end to fighting that has killed thousands and attract billions of dollars of Western investment to a region rich in tantalum, gold, cobalt, copper, lithium and other minerals. As part of the deal, Kinshasa and Kigali agreed to launch a regional economic integration framework within 90 days, the agreement said. A source familiar with the matter said a preliminary draft of the framework has been agreed to and there would now be an input period to get reaction from the private sector and civil society before it is finalized. The framework is planned to be signed at a meeting of heads of state at the White House. No date has been set yet for that meeting, the source said. In the Friday statement, Rwanda and Congo affirmed that each country has "full, sovereign control" over the exploitation, processing and export of its natural resources and recognized the importance of developing mineral processing and transformation capacity within each country, according to a copy seen by Reuters. Kinshasa views the plundering of its mineral wealth as a key driver of the conflict between its forces and Rwanda-backed M23 rebels in eastern Congo. Reuters reported in May that Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of the deal being negotiated by the U.S., according to sources. The two countries are committed to ensuring that the minerals trade no longer provides funding to armed groups and to create a world-class industrial mining sector in the region, as well as to ensure better cross-border interoperability on mineral supply chains, according to the statement. They also agreed to connect new infrastructure to the U.S.-backed Lobito Corridor, underscoring Washington's aim of greater access to resources in the region and efforts to counter China. The Ruzizi III hydropower project and Lake Kivu methane exploitation were the only specific projects mentioned in the statement, despite U.S. emphasis on critical minerals. The countries said they intended to prioritize financing for Ruzizi and work together to exploit the methane gas sustainably. Friday's announcement comes after the two countries held the first meeting of a joint oversight committee on Thursday in a step toward implementing the Washington peace deal even as other commitments are yet to be fulfilled. In the Washington agreement, the two African countries pledged to implement a 2024 deal that would see Rwandan troops withdraw from eastern Congo within 90 days. Congolese military operations targeting the Democratic Forces for the Liberation of Rwanda (FDLR), a Congo-based armed group that includes remnants of Rwanda's former army and militias that carried out a 1994 genocide, are meant to conclude over the same timeframe. The deal also said Congo and Rwanda would form a joint security coordination mechanism within 30 days and implement a plan agreed last year to monitor and verify the withdrawal of Rwandan soldiers within three months. But 30 days from the signing has passed without a meeting of the joint security coordination mechanism. The source familiar with the matter said the joint security coordination mechanism meeting would be held on August 7 in Addis Ababa. Congo is also involved in direct talks with M23 hosted by Qatar, and last month the two sides pledged to sign a separate peace agreement by August 18, though many outstanding details need to be negotiated.
The Independent
7 hours ago
- The Independent
Lesotho's textile factories face closures despite US tariff cut
The southern African nation of Lesotho has had its U.S. export tariff reduced from a threatened 50% to 15% but its crucial textile industry still faces massive factory closures, officials said on Friday. Despite a reduction announced by U.S. President Donald Trump, the country's textile sector says it remains at a competitive disadvantage and faces ongoing factory closures and job losses. In April, the Trump administration announced a 50% tariff on imports from Lesotho, the highest among all countries. The tariffs were paused across the board but the anticipated increase wreaked havoc across the country's textile industry, which is its biggest private sector employer with over 30,000 workers. About 12,000 of these workers work for garment factories exporting to the U.S. market, supplying American retailers like Levi's and Wrangler. The Associated Press reported this week that clothing manufacturer Tzicc has seen business dry up ahead of the expected tariff increase, sending home most of its 1,300 workers who have made and exported sportswear to American stores, including JCPenney, Walmart and Costco. David Chen, chairperson of the Lesotho Textile Exporters, has warned that the U.S. government's move to reduce the tariffs offer little relief for the struggling industry as their competitors have lesser tariffs. 'Other countries which we are competing against are already being charged 10 percent, which makes it difficult for us to compete on an equal footing," said Chen, singling out the east African country of Kenya as its strongest competitor with a more favorable 10% tariff. 'As a result, many factories will have to shut down,' said Chen. 'They had already been forced to lay off workers when the tariffs were first announced in April.' According to the Office of the U.S. Trade Representative, in 2024, U.S.-Lesotho bilateral trade stood at $240.1 million. Apart from clothing, Lesotho's exports also include diamonds and other goods. Classified as a lower-middle income country by the World Bank, nearly half of Lesotho's 2.3 million population live below the poverty line, while a quarter are unemployed. Lesotho's Minister of Trade, Industry and Business Development, Mokhethi Shelile, said that while several meetings with U.S. trade representatives led to a reduced tariff, more needed to be done to lower it further. 'We remain committed to pushing for a further reduction to the minimum tariff level of 10 percent, which is essential for our textile sector to compete effectively in the US market," he said. 'I have already communicated with the U.S. Embassy regarding continued negotiations.' Lesotho's neighbor and trading partner, South Africa, is also reeling after Trump announced a reciprocal 30% tariff for the country which is expected to significantly impact its agriculture and manufacturing sectors, among others. ____
Finextra
8 hours ago
- Finextra
Libyan Islamic Bank goes live with Backbase
Backbase, the global leader in AI-powered banking technology, today announced the recent successful platform launch of Libyan Islamic Bank (LIB), one of the country's fastest-growing financial institutions. This achievement represents Backbase's first platform launch in Libya, underscoring its commitment to expanding state-of-the-art, customer-centric banking across North Africa. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. From ambition to impact As a digitally focused bank, LIB set out to differentiate itself through an experience-led approach to banking. In collaboration with Backbase, the bank laid the groundwork for a customer-first operating model that is built for speed, flexibility, and long-term relevance in a rapidly evolving market. 'This is a proud moment for us. With Backbase, we are transforming banking for our customers, bringing financial services closer to them with the convenience, security, and accessibility of world-class digital banking.' Mohamed Almabrok Digital Banking Platform Project Manager, Libyan Islamic Bank A redesigned experience for everyday banking The new mobile app offers a more intuitive way for customers to manage their finances, with features such as: Secure logins and real-time transaction tracking Internal transfers and in-app messaging Personalized servicing and customer self-service capabilities Instant payments and ATM/branch locator functionality A clean, user-friendly interface designed for daily use As part of the launch, LIB also became one of the first banks in the country to integrate with LYPAY, the Central Bank of Libya's instant payment service. This showcases the agility of the platform in meeting new regulatory and infrastructure demands. 'The successful launch of Libyan Islamic Bank's digital platform is setting new standards for digital-first experiences. It reflects the bank's ability to lead and evolve in Libya's rapidly changing financial sector.' Aymen Daoud Regional Vice President for Africa, Backbase Local knowledge, global technology The go-live was delivered through a close collaboration between Backbase and regional implementation partner OneTech Business Solutions. OTBS played a vital role in aligning the deployment with LIB's specific needs and Libya's regulatory environment, helping ensure speed, stability, and long-term scalability. 'This project shows what's possible when global technology meets local execution. Working closely with Backbase and Libyan Islamic Bank, we ensured a seamless deployment that reflects the realities of the Libyan market. It's a strong example of how partnership drives real digital transformation.' Atef Loukil Deputy CEO and Head of Digital Factory, OneTech Business Solutions Built for what comes next This launch represents the first phase of LIB's longer-term digital transformation roadmap. With a strong digital foundation now in place, the bank is positioned to respond to evolving customer expectations and continue modernizing its services at scale. Backbase's successful entry into Libya also marks a strategic expansion point in North Africa. The company remains committed to helping banks of all sizes modernize at speed, through adaptive technology, regulatory alignment, and seamless customer experiences, all powered by its AI-powered Banking Platform.
