Thursday, February 15, 2024 - Deputy President Rigathi Gachagua has urged Kenyans hoarding dollars to sell them immediately so that they can make a small profit.
Speaking in Makenji, Kandara Constituency, where he had accompanied President William Ruto for the launch of construction
of affordable houses on Thursday, Gachagua said the Kenyan Shilling has
strengthened against the dollar and urged those who are hoarding dollars to
sell immediately before they start making losses.
"This is very good news...I want to encourage Kenyans...the risk of failure to settle for the Eurobond is gone...sell your dollars and get back to business.
"Don't do any speculation
anymore,” Gachagua stated.
The Kenya shilling posted its strongest
intra-day gain against the US dollar in the last 12 years on Wednesday, reaping
from a tide of investor confidence after the government received significant
inflows to pay off the $2 billion Eurobond.
The dramatic gain on Wednesday lifted the
local unit to its strongest level since November last year while wiping out all
the losses this year.
This means that the shilling has now
appreciated for 11 straight days to trade below Sh153.75 at some commercial
banks.
For instance, Equity Bank quoted the dollar on
Wednesday at Sh153.75, while KCB had a quote of Sh157.5, the highest among
eight banks tracked by The Kenyan DAILY POST.
For their part, forex bureaus were selling the
dollar between Sh152 and Sh157.
The Kenyan DAILY POST
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