Deputy President Rigathi Gachagua has issued a cautionary message to Kenyans regarding the hoarding of dollars amid the Kenyan shilling’s recent appreciation against the dollar.
Addressing residents in Murang’a county on Thursday, February 15, Gachagua advised individuals hoarding dollars to sell them within the next three days to avoid potential losses. He emphasized his belief that the shilling’s value will continue to rise against the dollar, possibly reaching parity at Ksh 100.
“I had warned Kenyans to take action and sell any hidden dollars they possessed, but unfortunately, not everyone heeded my advice. Now, with the President’s interventions, we are witnessing a drop in the dollar’s value,” remarked Gachagua.
“I urge those with dollars to sell them promptly—today, tomorrow, and the day after. Failure to do so may result in significant losses as the dollar is projected to reach the Ksh 100 mark. Should you incur losses, do not turn to me for assistance.”
The Kenyan shilling demonstrated its strongest intraday performance against the US dollar in twelve years on Wednesday, trading below Ksh 153.75 in local banks.
Treasury Principal Secretary Chris Kiptoo attributed the shilling’s strength to increased investor confidence, primarily following the government’s decision to repurchase a portion of its Ksh313 billion ($2 billion) Eurobond notes set to mature in June.
