Gachagua Urges Kenyans To Sell Dollars as Shilling Surges
Deputy President Rigathi Gachagua has recommended that individuals in possession of U.S. dollars promptly exchange them to prevent potential losses, given the recent strengthening of the Kenyan Shilling against the foreign currency on Wednesday.
Addressing the audience in Kandara, Murang’a County, Gachagua spoke on Thursday and credited President William Ruto’s involvement for the increase. He suggested the potential for the Kenyan Shilling to appreciate against the dollar in the upcoming months and urged Kenyans to decrease their dependence on the currency.
“Rais amepanga kazi, dola imeteremka. Sasa wale wako na dola wanakimbia kwa bank kuuza haraka. Leo imeteremka mpaka 137. Huyu Rais vile amepanga, hii dola muuze leo, kesho na kesho kutwa, msipouza mtaenda hasara kubwa sana,” he said.
“Hii dola vile naona rais anapanga itafika mia moja. Wale ambao wamebakisha dola mkimbie haraka msiende hasara.”
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As per Reuters, the Kenyan shilling experienced a reduction in its recent advancements after the Central Bank of Kenya (CBK) intervened by purchasing dollars. This intervention aimed to address volatility as the currency reached its peak level since June 2023.
CBK states that its intervention is limited to mitigating fluctuations when the shilling experiences rapid movement in either direction.
On Thursday, commercial banks set the exchange rate for the shilling against the U.S. dollar at 145.00/146.00, marking an increase of over 3% from the previous day’s closing rate of 150.00/151.00.
At one point, the Shilling was up almost 8% on the day, bid as strong as 139.00 to the U.S. dollar, in a rally fuelled by foreign inflows into Kenyan domestic debt and the resolution of a $2 billion (Ksh.291 billion) Eurobond maturing in June.
Gachagua Urges Kenyans To Sell Dollars as Shilling Surges
