President Ruto Says The Kenyan Shilling is Expected to Strengthen to Record Levels
On Wednesday, February 14, 2024, in the Mt Kenya tour, President William Ruto declared that the Kenyan Shilling is about to attain an unparalleled strength—a feat that has never been seen before.
President Ruto assured the audience during his speech that the national currency will soon strengthen.
“I want to assure you that the shilling has stabilized; you all witnessed the location of the dollar,” he said. However, it will become more powerful than ever before.
In addition, President Ruto addressed worries about the nation’s debt load and restated his resolve to prevent a financial catastrophe.
“You have seen that we have enough money to help us pay our debts,” he said.
This announcement is a reaction to the recent changes in the value of the currency. The shilling fell sharply against the US dollar on January 15, hitting a record low of more than 160 unit points. The Central Bank of Kenya reports that the Kenyan Shilling has recently experienced a notable reversal, with the current exchange rate standing at 145 per US dollar.
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This announcement comes after a new Eurobond worth $1.5 billion (Sh238 billion) was successfully issued. This was a calculated strategic move meant to manage the financial obligations
