- “This Market is Going to be Different in a Couple of Weeks” – Kenyan President Ruto Urges His Constituents Who Hold US Dollars to Get Rid of Them (VIDEO)
Kenyan President William Ruto urged his constituents who “hoard” US dollars to get rid of them as the government plans to import fuel in Kenya shillings. Ruto’s comment comes after the exchange rate for the dollar rose to as high as Kenyan Shilling 145.5, according to Capital FM.
However, dollar requests are expected to decrease in the coming weeks after the Kenyan government and its Saudi counterpart signed an import agreement for fuel importation on credit.
“And So I just want to assure those in Kenya who were facing challenges of access to dollars that we have taken steps to ensure that dollar availability in the next couple of weeks is going to be very different because our fuel companies will now be paying for fuels in Kenya shilling,” the President said during the listing of the Laptrust Imara I-REIT at the Nairobi Securities Exchange last Wednesday.
“They do not to look for dollars every month because we have done what we must do as a government to ensure that we ease the burden on people who want to realize their returns in dollars,” he added.
“I am giving you free advice that those of you who are hoarding dollars you shortly might go to losses you better do what you must do because this market is going to be different in a couple of weeks,” he added.
K24TV wrote: “The government has entered into an agreement with players in the fuel industry that will see Kenyans access fuel on a deferred six-month credit. Through the new plan, only government-to-government purchase of oil would be allowed and the state would import oil through long-term contracts of nine months that allow payment to be done within six months. The agreement according to President William Ruto will ease the demand of about 500 million dollars every month from the market, all that in a bid to fix the dollar shortage in the country.”