{"id":33051,"date":"2024-06-25T17:15:23","date_gmt":"2024-06-25T17:15:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ongoing-protests-and-police-violence-rock-kenya-and-the-kenyan-shilling-kes\/"},"modified":"2024-06-25T17:15:23","modified_gmt":"2024-06-25T17:15:23","slug":"ongoing-protests-and-police-violence-rock-kenya-and-the-kenyan-shilling-kes","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ongoing-protests-and-police-violence-rock-kenya-and-the-kenyan-shilling-kes\/","title":{"rendered":"Ongoing protests and police violence rock Kenya and the Kenyan shilling (KES)"},"content":{"rendered":"<p><b>(Originally posted on : Invezz )<\/b><br \/>\n<\/p>\n<div>\n<p>Violence broke out again today in the Kenyan capital of Nairobi, as well as several other towns and villages, as the latest in an ongoing protest against both a proposed financial bill and the nation\u2019s president.<\/p>\n<p><span class=\"news-article-by-paragraph \"><\/p>\n<p><strong><em>Are you looking for signals &amp; alerts from pro-traders? <a href=\"https:\/\/invezz.com\/signals\/?block=news-single&amp;component=np_iccta_p&amp;fragment=text-link&amp;guid=MTY5ODU4Nw==\">Sign-up to Invezz Signals\u2122 for FREE<\/a>. Takes 2 mins.<\/em><\/strong><\/p>\n<p><\/span><\/p>\n<p>Earlier today on June 25, riots throughout the African nation of Kenya gained steam, with many being wounded in altercations between protestors and police. \u00a0<\/p>\n<p>This comes after previous unrest last week, on June 20, resulted in more clashes between protesters and police, killing at least one Kenyan in the struggle and injuring several others.<\/p>\n<h2 class=\"wp-block-heading\" id=\"crowd-control-gone-wrong\">Crowd control gone wrong<\/h2>\n<p><a class=\"copy-link-to-section\" href=\"#\"><i class=\"fa fa-link\"\/><br \/>\n<span class=\"tooltip\" data-text=\"Copy link to section\" data-conf=\"Copied!\">Copy link to section<\/span><br \/>\n<\/a><\/p>\n<p>Kenyan politicians met in parliament this morning, as is customary every June, to attend ongoing debates surrounding the year\u2019s proposed finance bill, among other bills submitted to parliament.<\/p>\n<p>However, after protesters in Nairobi attempted to march on the building, riot police sealed off the building, with the politicians still inside, allegedly releasing tear gas canisters and water cannons in an attempt to control the crowd.<\/p>\n<section class=\" advert-reload  in-content-2 relative bg-grey-100 inv-component-break-container p-4 md:p-5 \" data-advertid=\"1416328\" data-advert=\"in-content-2\" data-offertype=\"crypto\">\n<div class=\"md:grid grid-cols-4 md:gap-4\">\n<main class=\"col-span-3\"><\/p>\n<p>\n<span class=\"font-900\">Featured Broker<\/span>\n<\/p>\n<h2 class=\"wp-block-heading\">Looking to invest?<\/h2>\n<p>Invest and trade CFD stocks, ETFs, digital assets &amp; commodities in minutes with our highest-rated broker.<\/p>\n<p>71% of retail CFD accounts lose money.\n<\/p>\n<p><\/main><\/p>\n<aside class=\"md:flex items-center justify-center\">\n<p><a href=\"https:\/\/invezz.com\/visit\/skilling-eu-crypto?block=news-single&amp;component=np_iccta_p&amp;fragment=button&amp;guid=MTY5ODU4Nw==\" target=\"_blank\" class=\"inv-button font-700 text-center&#10;&#10;&#9;&#10;&#9; block w-full &#10;&#9;bg-yellow-900 border-yellow-900 text-white hover:bg-yellow-500 px-4 py-4 inv-button--icon-hover-only inv-button-animate-icon inv-button-animate-icon--move-right z-10 relative\" rel=\"nofollow noopener sponsored\"><br \/>\n<span class=\"flex items-center content-center\"><br \/>\nOpen your account<br \/>\n<i class=\"fa fa fa-arrow-right ms-2\"\/><br \/>\n<\/span><br \/>\n<\/a><\/p>\n<p>71% of retail CFD accounts lose money.\n<\/p>\n<\/aside>\n<\/div>\n<p>\n<span class=\"bg-grey-900\" style=\"opacity: 0.3; width: 100%; height: 100%; position: absolute; top: 0; right: 0;\"\/><br \/>\n<span class=\"text-white relative z-10\" style=\"opacity: 1\">Ad<\/span>\n<\/p>\n<\/section>\n<p>The ongoing protests have received attention from international media and influencers alike \u2013 including former US president Barack Obama\u2019s half-sister, Auma Obama, who was teargassed in Nairobi during a <a href=\"https:\/\/edition.cnn.com\/2024\/06\/25\/world\/video\/kenya-protest-tax-hike-tear-gas-auma-obama-madowo-ovn-ldn-digvid\">live CNN interview<\/a> earlier today.<\/p>\n<h2 class=\"wp-block-heading\" id=\"effects-on-the-kenyan-shilling-kes\">Effects on the Kenyan shilling (KES)<\/h2>\n<p><a class=\"copy-link-to-section\" href=\"#\"><i class=\"fa fa-link\"\/><br \/>\n<span class=\"tooltip\" data-text=\"Copy link to section\" data-conf=\"Copied!\">Copy link to section<\/span><br \/>\n<\/a><\/p>\n<p>Kenyan citizens\u2019 lives aren\u2019t the only things in the balance, either.<\/p>\n<p>On June 6, speaking at Kenya\u2019s Monetary Policy Committee (MPC) press conference, governor of the Central Bank of Kenya (CBK) Kamau Thugge said that the Kenyan shilling (KES) had appreciated against the US dollar more than almost any other currency in 2024 so far.<\/p>\n<p>In its most recent weekly bulletin, the CBK described the <a href=\"https:\/\/www.centralbank.go.ke\/uploads\/weekly_bulletin\/1229389591_Weekly%20CBK%20Bulletin%20June%2021%202024.pdf\">Kenyan shilling<\/a> as \u201cstable against major international and regional currencies\u201d on June 20.<\/p>\n<p>However, the KES has slipped recently, going from trading at approximately $0.0078 to the USD on June 24, to trading at $0.0077 to the dollar more recently, after today\u2019s news of police and protester violence became widespread.<\/p>\n<h2 class=\"wp-block-heading\" id=\"why-are-there-riots-in-kenya\">Why are there riots in Kenya?<\/h2>\n<p><a class=\"copy-link-to-section\" href=\"#\"><i class=\"fa fa-link\"\/><br \/>\n<span class=\"tooltip\" data-text=\"Copy link to section\" data-conf=\"Copied!\">Copy link to section<\/span><br \/>\n<\/a><\/p>\n<p>The Finance Bill for 2024, submitted to Kenyan parliament last month in May, has met with mass criticism from the nation\u2019s people.<\/p>\n<p>The bill in question is attempting to raise over $2.5 billion in taxes to service the country\u2019s mountainous debt. <\/p>\n<p>Among other proposed taxes was a new 5% levy on digital payments \u2013 which, like MPesa, make up a vast percentage of the country\u2019s payments.<\/p>\n<p>Other mentions in the bill, which could materially affect cost of living for many of the population, include higher taxes on subsistence items bread and vegetable cooking oil.<\/p>\n<p>In response to the outcry, Ruto stated on June 18 that:<\/p>\n<blockquote class=\"wp-block-quote inv-component-break-container is-layout-flow wp-block-quote inv-component-break-container-is-layout-flow\">\n<p>The Finance Bill has been amended to remove the proposed 16 per cent VAT on bread, transportation of sugar, financial services, foreign exchange transactions as well as the 2.5 per cent Motor Vehicle Tax. Additionally, there will be no increase in mobile money transfer fees, and Excise Duty on vegetable oil has also been removed.\u201d<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\" id=\"rutos-resignation-called-for\">Ruto\u2019s resignation called for<\/h2>\n<p><a class=\"copy-link-to-section\" href=\"#\"><i class=\"fa fa-link\"\/><br \/>\n<span class=\"tooltip\" data-text=\"Copy link to section\" data-conf=\"Copied!\">Copy link to section<\/span><br \/>\n<\/a><\/p>\n<p>Initially solely protesting the bill, after last week\u2019s bill amendments, Kenyans are now calling for Ruto to resign or be removed as president.<\/p>\n<p>Michelle Gavin <a href=\"https:\/\/www.cfr.org\/blog\/preview-kenyas-state-visit\">explains<\/a> on The Council of Foreign Relations\u2019 blog, that:<\/p>\n<blockquote class=\"wp-block-quote inv-component-break-container is-layout-flow wp-block-quote inv-component-break-container-is-layout-flow\">\n<p>Ruto\u2019s rapid ascent to de facto regional leadership has not been warmly received domestically. Kenyans are struggling with\u00a0rising taxes,\u00a0climate disruptions, and the persistent scourge of corruption that undermines trust in government. The \u2018Silicon Savannah\u2019 presentations can gloss over the reality that 80 percent of Kenyans work in the informal sector\u2014and that this vast population of \u2018hustlers\u2019 represent Ruto\u2019s political base.\u201d<\/p>\n<\/blockquote>\n<p><\/p>\n<div class=\"advert-reload flex flex-wrap mb-4 inv-advert inv-advert-news inv-component-break-container bg-grey-100 px-4 pt-4 pb-3 \" data-advertid=\"1244463\" data-advert=\"news-single\" data-offertype=\"\">\n<p>\n<span class=\"bg-grey-900\" style=\"opacity: 0.3; width: 100%; height: 100%; position: absolute; top: 0; right: 0;\"\/><br \/>\n<span class=\"text-white relative z-10\" style=\"opacity: 1\">Ad<\/span>\n<\/p>\n<div class=\"leading-150 w-full lg:w-auto lg:flex-1 inv-advert-news__main-content\">\n<p>Want easy-to-follow crypto, forex &amp; stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at <a href=\"https:\/\/invezz.com\/signals\/?block=news-single&amp;component=np_iccta&amp;fragment=text-link&amp;guid=MTY5ODU4Nw==\" target=\"_blank\" rel=\"noopener\">Invezz Signals\u2122<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/invezz.com\/news\/2024\/06\/25\/ongoing-protests-and-police-violence-rock-kenya-and-the-kenyan-shilling-kes\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Invezz ) Violence broke out again today in the Kenyan capital of Nairobi, as well as several other towns and villages, as the latest in an ongoing protest against both a proposed financial bill and the nation\u2019s president. Are you looking for signals &amp; alerts from pro-traders? Sign-up to Invezz Signals\u2122 [&hellip;]<\/p>\n","protected":false},"author":3947362365,"featured_media":33052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[37],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33051"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362365"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33051"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33052"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}