President William Ruto has declared that the Kenyan shilling would soon gain more strength against the US dollar, with the exchange rate expected to drop below Ksh.120 in the coming months.
The announcement made 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 in Nairobi, will come as welcome news to Kenyans who have been feeling the pinch of a weak shilling against the dollar, which has led to a rise in the cost of living and slowed down economic growth in the country.
President Ruto stated that the government is implementing policies to boost the country’s exports and attract more foreign investment, which he believes will lead to a stronger shilling. He also urged Kenyans to support these efforts by increasing their consumption of locally produced goods.
The President’s statement has been met with cautious optimism by experts in the financial sector. While they acknowledge that a stronger shilling would be beneficial for the economy, they caution that it may take longer than a few months to achieve this goal.
Kenyan businesses and consumers will be closely monitoring the exchange rate in the coming months to see if President Ruto’s prediction comes true. A stronger shilling would lead to lower prices for imported goods, making life easier for ordinary Kenyans struggling to make ends meet.
