CS Moses Kuria Says Kenya Shilling to Strengthen Against US Dollar, Exchange at Sh85

Investments, Trade, and Industry Cabinet Secretary Moses Kuria has expressed confidence that the Kenya shilling will soon strengthen against the US dollar.

Through Twitter on Saturday, Kuria pointed out that the Kenya Kwanza administration is putting up measures to prevent the shilling from falling further to the dollar.

He mentioned that his Energy and Petroleum counterpart Davis 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 Sh85 to the dollar,” Kuria tweeted.

The dollar is currently exchanging at Sh128 on average.

In its weekly bulletin on Friday, the Central Bank of Kenya (CBK) indicated that the Kenya Shilling remained stable against major international and regional currencies during the week ending March 2nd.

“It exchanged at KSh127.29 per US dollar on March 2, compared to KSh126.27 per US dollar on February 23,” CBK noted.

CBK added that the usable foreign exchange reserves remained adequate at USD 6,605 million (3.69 months of import cover) as at March 2nd.

“This meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover,” the bank added.