Kenyan President Ruto Warns Against Saving In US Dollar

Kenyan President Ruto Warns Against Saving In US Dollar

Kenyan President Ruto Warns Against Saving In US Dollar…

Since his administration has put in place mechanisms that would ensure that demand for foreign currency will decline in the upcoming weeks, President William Ruto now claims that wealthy individuals holding dollars locally will soon suffer losses.

President Ruto mentioned one of these steps on Wednesday in Nairobi during the listing of Laptrust Imara (REIT) at the Nairobi Stock Exchange (NSE). He said the State had just finalized a plan that would enable oil importers to pay for the product with shillings rather than dollars.

30 percent or more of Kenya’s annual import bill is made up of petroleum.

To meet the nation’s rising demand for diesel, gasoline, and kerosene, the industry must import close to Ksh.64 billion ($500 million) per month.

Additionally, he said that in order to further resolve the dollar situation, the State is working with the Central Bank of Kenya (CBK) to reestablish the interchange exchange market.

“We just concluded a market-driven arrangement in our fuel sector that will see Kenya access all our fuel needs on a deferred six-month credit that will eliminate a demand of USD 500 million dollars every month from this market,” said President Ruto.

“I am giving you free advice that those of you who are hoarding dollars you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks.”

Watch him give his spech below;

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