RUTO is doing magic as the Kenyan Shilling gains half the value lost in four years

 

Wednesday, April 3, 2024 - President William Ruto has brilliantly managed to revive the country’s economy, which was on its deathbed a year ago.

The head of state, surrounded by meticulous economists like Prof. Njuguna Ndungu, who heads the Treasury, has also managed to stabilize the Kenyan Shilling against the Dollar.

In the past three months, the local currency has strengthened by 30 units, marking a 19 percent gain.

This means importers are now spending Sh19 less to buy a dollar for imports.

The gain is almost half the value it had lost in four years since early 2020 when it started weakening.

It had weakened to the low of 161 as of January 2024 from the high of 100 in 2020.

The Central Bank of Kenya (CBK) quoted the shilling at 131.8 during the week ending March 28.

The strengthening of the shilling is attributed to the successful settlement of the inaugural $2 billion buyback plan, where the government paid back $1.5 billion in February, boosting investor confidence.

The Kenyan DAILY POST