President William Ruto has declared that the Kenyan Shilling is set to reach unprecedented levels of strength, never witnessed before.
Addressing the public in Murang’a County on Wednesday, 14th February 2024, President Ruto assured Kenyans of the imminent strengthening of the national currency, stating, “I want to assure you that the shilling has been stabilizing, you all saw where the dollar was. But it will strengthen to levels never seen before.”
This announcement comes in response to recent changes in the currency’s value. On January 15, the shilling fell to a new low, passing 160 unit points versus the US dollar. However, in a stunning turnaround, the Kenyan Shilling has risen in recent days, with the current exchange rate standing at 156.70 per US dollar, according to the Central Bank of Kenya.
President Ruto also addressed concerns about the country’s debt situation, affirming his commitment to preventing a financial crisis. He stated, “You have seen the other day we have put enough money to help us pay our debts.” This statement follows the successful issuance of a new Eurobond worth $1.5 billion (Sh238 billion), a move aimed at managing the country’s financial obligations.
The National Treasury has confirmed that the new loan, divided into three instalments with an average life of six years, is expected to mature in 2031. Notably, the bond is priced at 10.37 percent, marking the highest rate ever offered by an African state.
