Deputy President Rigathi Gachagua has warned Kenyans against hoarding dollars as the Kenyan shilling appreciates against the dollar.
Speaking on Thursday, February 15 in Murang’a county, Gachagua said Kenyans with dollars should sell them in the next three days to avoid making losses.
The DP noted that the shilling will continue appreciating against the dollar and even exchange at Ksh 100.
"I told Kenyans the truth. I told those who had hidden dollars in their homes to sell them, but they didn't listen to me. The President has made plans and the dollar has now dropped,” said Gachagua.
He added, “I want to tell Kenyans with dollars to sell them today, tomorrow, and the day after tomorrow. If you don't sell, you will incur a big loss. This dollar will reach one hundred. If you lose, don't ask me anything."
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The Kenyan shilling on Wednesday posted its strongest intraday gain against the US dollar for the first time in twelve years trading below Ksh 153.75 in local banks.
Treasury Principal Secretary Chris Kiptoo attributed the strong shilling to a rise in investor confidence after the government’s move to buy back part of its Ksh313 billion ($2 billion) Eurobond notes maturing in June.
“The high subscription of the Euro bond is an indication of investor confidence in the Kenyan economic management and our debt management strategy,” Kiptoo stated.
The Treasury PS also noted that Kenya convinced quality investors who will stay for the long run.
“There is now confidence and you can tell the shilling is beginning to improve,” Kiptoo added.
