Stable Shilling has restored confidence on Kenya’s financial markets: Ruto » Capital News

NAIROBI, Kenya, Nov 21 — President William Ruto has hailed the efforts of his broad-based government in stabilizing the Kenyan shilling, attributing the recent gains to a series of measures implemented by his administration.

Ruto in his State of the Nation Address to parliament on Wednesday, averred that the shilling has significantly strengthened against the greenback, recovering from a low of Sh 160 to the dollar in February 2024 to Sh 129 today, a remarkable 20 percent appreciation.

“This recovery has restored confidence in our financial markets and significantly reduced the cost of servicing our external debt,” President Ruto stated.

He emphasized that the stabilization of the shilling has created much-needed fiscal space for further development within the country, reinforcing his administration’s commitment to securing long-term economic growth.

The president’s remarks come amid growing concerns over Kenya’s currency and its impact on inflation, debt servicing, and the cost of living.

The head of state asserted that the current exchange rate marks a notable shift in the nation’s economic trajectory as his administration looks into stabilization measures in the wake of a snowballing cost of living.

Ruto underscored that the improved currency performance has not only alleviated pressure on the country’s foreign debt but also created a more favorable environment for continued development across various sectors.

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