Deputy President Rigathi Gachagua has advised Kenyans hoarding dollars to sell them immediately saying all indications are that the shilling will continue gaining against the foreign currency in the coming days.
The DP’s advice came on a day the Kenyan shilling posted the strongest single-day gain against the dollar in 12 years after 11 straight days of appreciation to trade at Sh153.75 at some 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 was speaking in Kandara in Murang’a County where he accompanied President William Ruto on his working tour of Central Kenya.
The DP said he previously warned that the dollar’s value would depreciate owing to President William Ruto’s economic policies but some people ignored him and continued 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.)
Wednesday’s dramatic gain of the shilling was partly attributed to investor confidence after the government received significant inflows to service the $2 billion Eurobond.
On Wednesday, the Central Bank of Kenya quoted the local unit at 156.70 but come Thursday, it dropped to Sh153.20.
Commercial banks quoted the dollar at between Sh153.75 and Sh157.5 while some forex bureaus were doing between Sh152 and Shh157.
Among the most immediate advantages of the appreciation of the shilling is that imports will become cheaper as traders will require less in exchange for goods.
