President William Ruto on Wednesday, March 22 warned Kenyans against hoarding dollars with an aim of making profits.
Speaking during the listing of Laptrust Imara (REIT) at the Nairobi Security Exchange (NSE), Ruto stated that those hoarding dollars would soon go into a loss.
“Those of you who are hoarding dollars, you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks,” Ruto warned.
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The Head of State at the same time stated that the government would now be making oil purchases using Kenyan shillings.
“As a government, we have made innovative intentions and undertaken innovative strategies to ensure that we ease the burden of the availability of the dollar in our market. We just concluded last week a market-driven arrangement in our fuel sector that will see Kenya access all our fuel needs on a differed six-month credit,” said President Ruto.
He added, “That will eliminate a demand of $500 million dollars every month from this market.”
President Ruto further noted the government through the Central Bank is planning to reinstate the interbank exchange market that has not been working.
