This is what NDINDI NYORO has said after Kenyan Shilling hit 151.5 units against the U.S. dollar – RUTO is an economic genius!

 Wednesday, February 14, 2024 - Kiharu Member of Parliament, Ndindi Nyoro, has spoken following the strengthening of the Kenyan Shilling against the United States dollar.

The shilling strengthened as much as 151.50/152.50 to the dollar, a level it last traded at in late November, compared with Tuesday’s close of 155.50/156.50, LSEG data showed.

Speaking on Wednesday, Nyoro, who is a close ally of President William Ruto, said the Kenyan Shilling resilience signifies confidence in the nation's economy.

“Ruto said he has a solution to the dollar problem. Right now the shilling is ruling over the dollar. We have seen the market in the last two days,” Nyoro said.

Among the key drivers behind this gain is the injection of new funding from the International Monetary Fund (IMF).

According to economic analyst and expert Ndiritu Muriithi, this infusion of capital has provided much-needed stability to the shilling.

Another contributing factor is the recent buyback of the 2014 Eurobond.

On Tuesday, Kenya repurchased a portion of its dollar-denominated debt, effectively minimising the outstanding obligations.

This has downed on the dollar hegemony, as investors begin to exhume confidence in the local market.

“Both will ensure enough resources to repay the Eurobond now due,” said Ndiritu.


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