Kenyan Shilling Will Strengthen to Levels Never Seen Before – Ruto
President William Ruto has assured Kenyans that the Shilling will further strengthen in the coming days.
Speaking on Wednesday in Murang’a County the President said that the government has a plan to raise the economy.
“Nataka kuwahakikishia ya kwamba hata ile dolla mahali mlikuwa mmeona ilikuwa imefika sasa mtaona mambo ambayo hamjawai kuona,” he said.
(I want to assure you that the shilling has been stabilizing, you all saw where the dollar was. But it will strengthen to levels never seen before).
On January 15, the shilling officially crossed 160 unit points against the US dollar, the lowest level on record.
However, in the past few days, the Kenya shilling has reported a significant gain.
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As of February 14, the Kenyan Shilling is being exchanged at 156.70 per US dollar according to the Central Bank of Kenya.
The President further said that he would not allow the country to plunge into debt.
He added that the country will face debt issue head on and it will not default.
“You have seen the other day we have put enough money to help us pay our debts,” he said.
His sentiments come after the country successfully issued a new Eurobond worth $1.5 billion (Sh238 billion).
The National Treasury says the new loan is divided into three installments has a weight average life of six years and is expected to mature in 2031.
The bond is priced at 10.37 percent, the highest rate an African state has ever offered.
Kenyan Shilling Will Strengthen to Levels Never Seen Before – Ruto
