Dollar will soon hit Sh100, if you’re hoarding sell now – DP
Deputy President Rigathi Gachagua has urged Kenyans holding onto dollars to promptly exchange them, as he believes that the shilling will likely keep strengthening against foreign currencies in the near future.
The Deputy President’s counsel coincided with a notable event: the Kenyan shilling recorded its most significant daily appreciation against the dollar in 12 years, following eleven consecutive days of gains, reaching a trading rate of Sh153.75 at certain commercial banks.
“Na mimi unajua kwa sababu ni mtu ya kuongea ukweli, niliambia wakenya mambo ya ukweli (You know I’m truthful and I told Kenyans the truth),” the DP said.
He made these remarks while in Kandara, Murang’a County, accompanying President William Ruto during his official visit to Central Kenya.
During his speech, the Deputy President reiterated his earlier predictions that the value of the dollar would decline due to the economic strategies of President William Ruto.
Despite his warnings, some individuals disregarded his advice and persisted in hoarding the currency.
“Nikaambia hawa mimi nikikaa pale na Rais nikiona vile anapanga uchumi wale walikuwa wameficha madollar nyumbani nikawaambia endeni mtoe dollar zenyu muuze hawakunisikia,” he said.
(I told them when with the President, I see how he is planning the economy, go sell the dollars you’re hoarding at home but they didn’t listen)
“Rais amepanga kazi, dollar imeteremka sasa wale wako na dollar wanakimbia kwa Banki kuuza haraka. Kwa leo imeteremka mpaka 137,” Gachagua said.
(The President has done the work, the shilling has strengthened and those with dollars are now rushing to banks to sell. Today, it hit 137)
“Kwa sababu mimi napenda nyinyi wacha niwaibie siri. Huyu rais vile amepanga, hii dollar muuze leo, na kesho na kesho kutwa. Msipouza mtaenda hasara kubwa. Hii dollar naona Rais amepanga itafika mia moja,” he said.
(Because I love you, let me let you in on a secret. The way the President has planned, sell your dollars today, tomorrow and the day after. If you don’t sell, you will make huge losses. The way the President has planned, the dollar will hit Sh100.)
The remarkable increase in the value of the shilling on Wednesday was partially credited to investor trust following substantial inflows received by the government to repay the $2 billion Eurobond.
On Wednesday, the Central Bank of Kenya quoted the domestic currency at 156.70, but by Thursday, it had decreased to Sh153.20.
Commercial banks offered the dollar at rates ranging from Sh153.75 to Sh157.5, while certain forex bureaus were transacting at rates between Sh152 and Sh157.
One of the immediate benefits of the shilling’s appreciation is that imports will become more affordable, as traders will require less currency in exchange for goods.
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Dollar will soon hit Sh100, if you’re hoarding sell now – DP
