CBK Governor Kamau Thugge says Kenya shillings will strengthen further,

CBK Governor Kamau Thugge says Kenya shillings will strengthen further, and by the end of April, the exchange rate with the US dollar will be down to Sh 100, up from Sh 135. 


"Sell your dollars," the CBK governor told Kenyans. He reminded Kenyans who are hoarding the US dollar to sell to avoid further losses. 


Thugge said the economy is almost being fixed after getting enough dollars to maintain liquidity. Following the strengthening of the currency, the national debt has decreased by 25%.


"Sell your dollars now because in the next two weeks, the dollar value will be Sh 115," said Thugge.

 

The strengthening of the currency has made fuel commodity prices go down further after the reduction last month, by Sh 7 more, according to EPRA.

 

"The shilling has cut our debt to close to Sh1 trillion. We are optimistic that by the end of 2024, we will be cutting the international debt by half," the CBK governor said. 

 

The move comes after a month of being unable to explain why the dollar was soaring. The dollar hit a 163 peak in 2024. The Shilling has been weak since 2019. It moved from Sh 96 to Sh 100 in 2020 and has steadily moved upward to 2024, where it hit Sh 163. 

 

 

Post a Comment

What is your say on this

Previous Post Next Post