Today, GACHAGAUA terrifies investors by advising them to prepare to lose millions, if not billions, of dollars.
As the shilling rises, Deputy President Rigathi Gachagua warns investors not to hoard dollars because they will lose millions, if not billions, starting today.
Yesterday, the government-to-government deal’s first shipment of UAE-imported petroleum arrived.. Gachagua announced that the value of the dollar would decrease on April 14 and the value of the shilling would increase.
According to him, the importation of oil in shillings alleviated dollar market pressure and permitted its normal circulation.
“I’d like to request that all Kenyans, businesspeople, and investors who have been holding dollars for speculative purposes sell them today and tomorrow on the market. It will decrease today, tomorrow, and the following day.
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“This is truthful advice from a truthful man. We don’t want Kenyans to lose money as a result of what has transpired and the 500 million dollars used to purchase fuel every month, as the dollar’s demand will decrease and the shillings will rise, and we don’t want Kenyans to lose money,” stated Gachagua.
Gachagua added that foreign currency exchange rates would stabilize, supporting economic recovery and slow public debt growth.
“Petroleum imports are paid for in dollars, which has strained the country’s foreign exchange reserves in recent months. This has caused liquidity problems in US dollars, resulting in a rapid depreciation of the Kenyan shilling.”
“The country will benefit from the accumulation of approximately Ksh403 billion (3 billion US dollars) in foreign reserves over the next six months,” he continued.
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