NAIROBI – Kenya’s President William Ruto stated on Tuesday he anticipated the shilling foreign money to strengthen to under 120 per dollar within the subsequent couple of months, citing an oil import deal that may lower demand for {dollars}.
Like different frontier economies, the East African nation is experiencing laborious foreign money shortages, weakening its foreign money, as importers scramble for dependable provides.
It signed an oil import cope with corporations within the United Arab Emirates and Saudi Arabia final month, setting up an extended credit score interval, and altering the construction of the deal to stagger the demand for {dollars} out there.
“In the next month or so you will see the exchange rate coming down in a very phenomenal way. In fact in my estimation, in the next couple of months the dollars will come below 120 shillings, maybe 115, you never know,” Ruto stated in a televised authorities assembly.
(Reporting by Duncan Miriri and Hereward Holland; Enhancing by Andrew Heavens and Alex Richardson)
