Thursday, January 25, 2024 - President William Ruto’s chief economic advisor, Dr. David Ndii, has surprised Kenyans after he claimed that a weak Kenyan shilling is good for the country’s economy.
Ndii commented on Wednesday after the Kenya Shilling weakened further by
hitting a record of 163.5 against the United States dollar.
The weakening of the shilling against the dollar is not a good sign for
the country‘s economy but according to Ndii, who is an Oxford-trained economist,
the weakening of the shilling is good for the country’s local manufacturing
industry.
Ndii argued that a depreciated
shilling was beneficial for the economy as it aided in the reduction of imports
and encouraged the growth of local manufacturing.
"The exchange rate is doing its job.
"Your noise is of no consequence.
"Your shopping is," Ndii posted
on his X handle on Wednesday.
The Kenyan DAILY POST
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