The Kenyan Shilling is finding its true value – CS MOSES KURIA says

 Thursday, February 22, 2024 - Public Service Performance and Delivery Management Cabinet Secretary Moses Kuria has said the strengthening of the Kenyan Shilling is a good sign indicating that the country is out of the woods when it comes to debt repayment.

In an interview with Jeff Koinange Live (JKL) on Wednesday evening, Kuria said the Kenyan currency's appreciation against the United States (US) dollar is a sign that the local currency is finding its true value.

According to the CS, the rise of the shilling was occasioned by market speculation, hoarding, rising Eurobond loans, and the debt crisis, which is now being addressed by the Central Bank of Kenya and the government.

“There is nothing we have done fundamentally in one week, it is only that the market fundamentals are right. We promised Kenyans that we would not lie to them, ours would just be to tell the truth…the economy is rebounding on its own,” he explained.

“Things are looking up not because of a story, but because figures are telling us that and science is right.”

On the recent Eurobond repayment, Kuria says that it affected the rise of the shilling since it managed to calm the market and reduce the debt problem.


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