Government’s Plan to Lower Exchange Rate to sh 85 Against the Dollar

March 4, 2023

Ruto’s Cabinet Switch to Tablets as it Goes Fully Digital[Photos]

President William Ruto chairing first paperless Cabinet meeting[Photos/Courtesy]

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Saturday, March 4, 2023 –Government is now embarking on an ambitious plan to levelise Kenyan shillings against World’s United States US dollar.

Trade Cabinet Secretary, Moses Kuria, on Saturday March 4, revealed the plan saying President William Ruto’s next area of focus is to bring down the US dollar-Kenyan shilling exchange rate.

Furthermore, he disclosed that the Ministry of Energy led by Cabinet Secretary Davis ChirChir was working to bring in affordable fuel for every Kenyan.

“My distinguished colleague Davies Chirchir is working hard to restructure the fuel supply chain in order to ease the pressure on the Shilling.
“He is imminently succeeding after which I see an exchange rate of Ksh85 to the dollar,” Kuria detailed.

As on the morning of Saturday March 4, the US Dollar was trading at around sh 128 when buying and sh 137 when selling it within local market.

Yesterday Friday March 3, President William Ruto promised the country that a 6KG cooking gas will be selling at only sh 300 very soon. This is despite the 6KG gas currently retailing at sh 2,800 countrywide.

“Among the 70% of Kenyans who use firewood and charcoal, 99% of them are women and in order to reduce the gas prices we will, the gas cylinders you buy will move from sh 2800 to Ksh.300 or sh 500 from the month of July,” said President Ruto.

Trade CabinetSecretary Moses Kuria addressing media

The head of State stated that he will start by subsidizing gas tax rates to relatively low rates before enacting his price reduction promise. He spoke this on Thursday at the re-launch of the Women Enterprise Fund at the Kenyatta International Convention Centre KICC,Nairobi.