Currency Value –Dollar verses Kenyan shilling has continued going down what has made the Kenyan currency to strengthen in the recent few days.
In a short, the Kenyan shilling has quickly been gaining position against the world dollar in the few past days as the government takes credit.
From as far as sh 160 per dollar to now sh 145 exchange rate against the dollar, the Kenyan shilling is gaining tract and value at an unimaginable speed.
Speaking through his official communication platforms today Thursday February 15, Economic Advisor to the president, David Ndii, explained that the move by the current regime to deal with the Eurobond had helped improve the shilling’s value around the world.
“Markets have opened. Eurobond default risk has evaporated. Speculative dollar positions unwinding. That popping sound you hear is Azimio bubble bursting,” he remarked in a statement seen by this writer.
Other Kenyans who still think this is a temporary measure by the Kenya Kwanza regime, said, the shilling will still weaken in few days to come.
“It almost feels like a coordinated effort to cause market-wide panic so Kenyans call sell their dollars cheap! What is the fundamental factor that has changed to warrant this strengthening of the Kenya shilling? Did we discover Gold?” a tweep noted.
Another concerned Kenyan confessed never witnessing such a short time rise of the shilling in his life.
As of now, there is no clear explanation as to why the shilling is gaining value with speed despite having lost traction since last year.