RUTO has taken the country to the dogs as the Kenyan Shilling trades at 163.5 against the dollar – UHURU had warned Kenyans!!

 

Wednesday, January 24, 2024 - President William Ruto has managed to take the country to the dogs as predicted by his predecessor Uhuru Kenyatta over how the Kenya Shilling is performing against other major world currencies.

The US dollar against Kenyan Shilling has risen every week since May 2021 and is now nearing the crucial resistance point at 163.50

The Kenya Shilling has plunged by almost 60% from 2020, making it the worst-performing currency in Africa.

The Kenya shilling’s freefall stems from the country’s ballooning trade and budget deficit and the ongoing dollar shortage.

It has also crashed because of the rising public debt and the looming $2 billion Eurobond maturities. 

In October, the government raised its 2023/24 deficit forecast to 5.3% from 4.4%.

The Kenyan government policies have not made things better. 

Instead of stimulating the economy, William Ruto’s government has made it difficult for companies to operate, leading to a higher unemployment rate.

In 2023, the government passed the annual finance bill that included many tax increases that have pushed inflation higher.

The Kenyan DAILY POST.