KIGALI, Rwanda

The Congolese rebel group on Tuesday declared a cease-fire to pave the way for dialogue with the Democratic Republic of the Congo government.

“The M23 Movement hereby declares a cease-fire effective from this Tuesday, March 7, 2023, at 12.00 noon to pave way for the political process,” the rebels' spokesperson Lawrence Kanyuka said in a statement.

The cease-fire announcement came after several days of fighting between government forces and the rebels in the eastern region of the Democratic Republic of the Congo.

The group said the cease-fire is in line with consultations between the M23 leadership and Angolan President Joao Lourenco held in the capital Luanda, as well as decisions made at various regional meetings.

“The M23 takes this opportunity to thank all the regional leaders who have made efforts to listen, and understand its problems, and for their tireless efforts to restore peace and security in eastern DRC,” the statement said.

It called on regional leaders and international partners to “spare no effort” in contributing to current initiatives aimed at restoring peace and stability in the volatile region of the Democratic Republic of the Congo.

Since its reemergence in late 2021, the rebel group has occupied key towns in the country’s eastern North Kivu province.

At a mini-summit in the Ethiopian capital of Addis Ababa, regional leaders gave the Congolese rebel group a March 30 deadline to withdraw from all occupied areas in the Democratic Republic of the Congo's eastern region.

Earlier on Monday, sensing the cease-fire announcement, UN Secretary-General Antonio Guterres urged the rebels to abide by the new initiative.

“The Secretary-General condemns all violence against civilians and renews his call on all Congolese and foreign armed groups to lay down their weapons and disarm unconditionally,” said Stephane Dujarric, Guterres' chief spokesman.

Since last year, fighting between the M23 and government forces has displaced over 600,000 people.

Hundreds of enraged Congolese displaced by fighting in eastern Congo on Monday took to the streets of the provincial capital Goma, demanding help from the provincial government.

Guterres urged all parties to the conflict to provide immediate and unrestricted humanitarian access to the affected people, as well as to protect civilians and uphold international humanitarian law.

The fighting has heightened tensions between Rwanda and the Democratic Republic of the Congo's government.

Kinshasa accuses Kigali of backing the rebel group, a charge Rwanda denies.

A cease-fire demanded by African leaders in the Angolan capital of Luanda last November was broken within days.  By James Tasamba, Anadolu Agency

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Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate.

New Limits Curtailing Operations of Kenyan Firms

Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase. According to a Business Daily report, some financial institutions have imposed caps as low as $5,000 per day. The imposed limits make it difficult for Kenyan manufacturers and importers to meet their obligations.

The shortages, which reportedly began in mid-2022, suggest that the country’s foreign currency woes are worsening. In October of that year, a CBK statement denied Kenyan Deputy President Rigathi Gachagua’s claims that the country lacked foreign exchange to import oil. The central bank insisted at the time that all the forex used for oil imports is sourced from commercial banks.

Despite the CBK’s contention that the country had sufficient foreign reserves, an unnamed executive with a local manufacturing company suggested that the situation is getting worse.

“We are now scavenging for dollars. Only half of every six banks we call daily for dollars will have something for us. Three of the banks will ask us to check later,” the executive said.

The executive added that while some fortunate businesses have secured as much as $50,000, these funds are still far below what they need. 

Kenya’s Declining Foreign Exchange Reserves

Meanwhile, the report suggested that top Kenyan firms are now sourcing dollars from forex-rich firms such as those in the hospitality and aviation industry. Also, instead of using the official exchange rate of 127.39, the firms are reportedly using a higher rate of 137 shillings for every dollar.

Some Kenyan commentators have attributed the dollar shortages to tough rules introduced by the CBK that targeted illegal forex dealers. The commentators insist that the tougher rules have crippled the operations of the foreign exchange interbank market.

However, the CBK governor, Patrick Njoroge, is quoted in a January Reuters report asserting that Kenya has adequate reserves. Njoroge made the remarks after it was revealed that Kenya’s foreign exchange reserves had fallen below the statutory requirement of four months of import cover. By Terence Zimwara, Bitcoin.com

Deputy President Rigathi Gachagua has defended the Kenya Kwanza administration’s new move, which appears to be aimed at retired President Uhuru Kenyatta and Azimio la Umoja Raila Odinga’s businesses. 

Speaking on Sunday, March 5, Gachagua Gachagua stated that their goal was not to destroy the two leaders’ businesses, but to end their monopoly and create a level playing field for all Kenyans.

“We have said that they have been selling us cylinders and gas at expensive prices and now we will bring in more people to end the monopoly, and it will remain that way,” Gachagua said.

He added,“In the milk sector, we had one person controlling it. That’s why they did not want us in power. They wanted to continue exploiting Kenyans and enriching themselves.”

On Friday the Second in Command while in Eldoret claimed that the challenges confronting the milk sector were caused by a monopoly held by one family, which he accused of buying out all of the country’s milk companies. The DP stated that this was part of the agricultural reforms he was leading, which included the sub-sectors of dairy, coffee, and tea. 

According to the DP, the previous regime groomed Raila in a bid to continue monopolizing the businesses and safeguard their interests. 

“They knew why they did not want us to take the throne because they wanted to continue with State Capture. We are going to open up the sectors and ensure we all benefit,” he stated.

Gachagua also vowed to release names of former senior government officials who allegedly stole Ksh 16 billion before the Kenya Kwanza administration took over. 

“These people robbed the nation. In the next few days I will be releasing details of billions of shillings looted from public coffers in the last three months of the Uhuru administration and announce the ministers and PSs responsible so that Kenyans can know,” he said.  By Ezra Nyakundi, KDRTV

French President Emmanuel Macron and President of Democratic Republic of Congo Felix Antoine Tshisekedi Tshilombo attend Kinshasa Economic Forum in Kinshasa, Democratic Republic of the Congo on March 04, 2023. ( Samy Ntumba Shambuyi - Anadolu Agency )