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KSh 129.71USD/KES · CBK indicative rate, Thu 1 Oct (weekly bulletin of 2 Oct)
NASI—USD/KES129.71-10/1S&P 5007,722.72▲0.73%10/2WTI$91.11▼1.90%10/2Gold$4,162.30▼1.00%10/2
Kenya · RoadsPress ✓ 3 outlets · police account as reported

Seventeen Catholic pilgrims die in a crash at Salama on the Nairobi–Mombasa highway

The group from Mombasa was heading to the national shrine at Subukia for National Prayer Day. Police say a truck overtaking a line of vehicles hit their van; the safety authority has opened an investigation.

Seventeen people, nearly all of them Catholic pilgrims from Mombasa, were killed at Mlima Kiu in Salama, Makueni County, shortly after midnight on Saturday 3 October, according to Al Jazeera, The Standard and Capital FM. They were travelling in a Toyota Hiace van hired by Mikindani Catholic Parish to the National Shrine at Subukia for National Prayer Day. Police said a lorry heading towards Mombasa tried to overtake a line of vehicles, clipped another truck, veered into the climbing lane and hit the van head-on. Reports differ on the exact time (about 12:10 a.m. or closer to 1 a.m.) and on whether the 17 dead included the driver.

Early reports said the truck driver had died; police later said he survived with serious injuries and was taken to Makueni Level 6 Hospital. One report suspected brake failure on a lorry carrying ballast, which police have not confirmed. The National Transport and Safety Authority sent a crash investigation team and calls the stretch a black spot. Autopsies were set for Sultan Hamud Hospital, the Archdiocese of Mombasa held special prayers, and politicians including Rigathi Gachagua sent condolences. DailyDrop has not seen an official cause of the crash.

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By the numbers
17people killed, nearly all pilgrims (Al Jazeera, The Standard)
Level 6hospital in Makueni treating the lorry driver, per police
3 Octdate of the crash, shortly after midnight
Economy · CurrencyPrimary ✓ CBK bulletin · Press ✓ 3 outlets

Shilling steady near KSh 129.7 as reserves ease to US$14.93bn, two days before the MPC meets

The shilling traded at KSh 129.71 to the dollar on Thursday 1 October, against 129.48 a week earlier, and the Central Bank of Kenya describes it as stable, in its weekly bulletin of 2 October. Rio Times reported about KSh 129.76 in market reports on Friday. Usable foreign exchange reserves stood at US$14.93 billion, or 6.1 months of import cover, down from about US$15.04 billion a week before, according to The Kenya Times reading of the bulletin.

The overnight interbank rate stayed at 8.75 percent, and interbank activity cooled: average daily deals fell to 14 from 27, and value traded to KSh 9.5 billion from KSh 14.5 billion. The Monetary Policy Committee meets on Wednesday 7 October with the Central Bank Rate at 8.75 percent, per Rio Times, and DailyDrop has not seen a forecast for the decision.

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Word of the day
Import coverEconomy

How many months of imports a country could pay for from its foreign exchange reserves. The CBK aims for at least four.


World · EnergyPress ✓ 5 outlets · Iranian statements attributed

Iran says Hormuz stays shut until its seven conditions are met, keeping fuel costs in focus

Iran's parliament speaker, Mohammad Bagher Ghalibaf, said on Sunday 4 October that the Strait of Hormuz will remain closed until all seven conditions are met, according to The Star (Malaysia), Gulf News, Khaleej Times, Qatar Tribune and Oman Observer. Reuters, via Khaleej Times, ties the conditions to a June interim agreement with the United States; Gulf News describes a 14-point memorandum it says has since collapsed. Oman Observer lists lifting the naval blockade, unfreezing assets and halting military pressure among the demands. Tehran says it sent the list to Washington through Qatar.

For Kenya the link is the pump. The country imports its refined fuel, and the Energy and Petroleum Regulatory Authority reviews pump prices monthly, usually on the 14th. WTI crude closed at US$91.11 on Friday, down 1.90%. DailyDrop has not seen a Kenyan official estimate of the effect on the October review.

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In brief
  • Shilling at KSh 129.71 on 1 October vs 129.48 a week earlier; reserves US$14.93bnCBK bulletin
  • Fatal Salama crash: NTSA team at the scene, driver survived with serious injuriesThe Standard
  • WTI US$91.11 (−1.90%), gold US$4,162.3 (−1.00%), S&P 500 7,722.72 (+0.73%) at Friday's US closemarket data
  • Fri 2 Oct: US non-farm payrolls +29,000 vs about 90,000 expected; Dollar Index fell below 102Gulf Times, TMGM
  • Forecast issued 1–3 Oct: Kenya Met expects short rains to start in the north this weekThe Kenya Times, Capital FM
  • Hormuz: Ghalibaf says strait stays closed until seven conditions are metKhaleej Times, Gulf News
  • MPC meets Wednesday 7 October; Central Bank Rate 8.75%Rio Times
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INSIDESeventeen Catholic pilgrims die in a crash at Salama on the Nairobi–Mombasa highwayKenya · RoadsShilling steady near KSh 129.7 as reserves ease to US$14.93bn, two days before the MPC meetsEconomy · CurrencyIran says Hormuz stays shut until its seven conditions are met, keeping fuel costs in focusWorld · Energy