President Ruto: Dollar Exchange Rate to Go Below Sh120 in a Few Months
President Ruto has expressed confidence that the Kenyan shilling will soon strengthen against the US dollar, which is currently exchanging at Sh134.
Ruto said the Kenya Kwanza administration has put up measures to prevent the shilling from falling further to the dollar, adding that the exchange rate will go below Sh120 in the coming months.
The president cited the government’s move to purchase oil products using the Kenyan shilling as opposed to the dollar which costs the country at least Sh66.8 billion ($500 Million) monthly.
"Today as a country we can buy fuel in Kenyan shillings, something that many people never thought would be possible. From this month of April, all our fuel marketers will be able to buy our fuel products in Kenya shillings and it will reduce pressure on our dollars," said Ruto.
"In fact in the next one month or so you will see the dollar exchange rate coming down in a very phenomenal way. In fact, in my estimation, in the next couple of months, the exchange rate will come below Sh120, maybe Sh115."
Ruto spoke during the release of the report on the evaluation of the performance of ministries, state corporations and tertiary institutions for the 2021/2022 financial year at the Kenyatta International Convention Centre (KICC) in Nairobi on Tuesday.
Last month, the government signed a deal with Saudi Aramco to import petroleum products on credit terms for a period of six months.
The government-to-government deal will see diesel and kerosene being advanced to Kenya twice a month with the payment falling due six months after the deliveries.
Kenya hopes to relieve the dollar pressure by delaying the payments for petroleum products under the deal that will also see Emirates National Oil Company Group (ENOC) supply three cargoes of petrol every month.
Petroleum imports account for up to 30 percent of Kenya’s annual import bill.
Comments (9)
I like you Mr President however that’s beyond your control. The value of dollar is dictated by all the countries allover the world as that is the currency used for international trade. So hiyo ni empty promises ndio mama mboga askie vizuri but it’s not tenable
Ruto is a terrible liar! No wonder he has confused all the preachers in Kenya because he has a Satanic tongue just like the Devil himself.
You do not determine the dollar exchange rates and especially when the country have exhausted the dollar account at the CBK. Quite ridiculous for someone who does not understand money and banking to make such silly pronouncements. Stick with plants Ruto.
Who would accept a currency that is essentially useful in one country instead of one that has it's own index. Any finance manager would need to be fired immediately if they made such a stupid deal
Hard to believe,but is it possible that Ruto does not know that the dollar or any other currency is acommodity traded daily on the market,and that its subjected to the forces of supply and demand?
For a moment I thought he is intending to got to a fixed exchange system,but that would require Kenya to have enough foreign exchange reserves to maintaince the value of the dollar.Which it why were in the spot we are in now.We do not have enough dollars.
Even if he spoke off the script,Dr.Ruto is not some ignoramous cattle header who dropped out of school.He should know better...
Ruto don't know nothing boy!! All you saying is true but the cow-head don't know!
Ruto will still fail badly even with your good advise! He is about to appoint MP Oscar Sudi as the new CBK governor simply because Sudi advised Ruto to flood the economy with newly printed shs 10,000 note. Sudi said, mama Rachel prayed in tongues and she got a vision to print more cash.
The Kenya’s economy will now be managed by Touts and Primary School dropout!
You are not his target audience ....he is addressing Nduthi people and mama mbogas
Starting to speak Gachagua.
Please stop. We Kenyans recognize verbal diarrhea at the onset. You have time to hold back.
Thank you.