BUSINESSECONOMY

Ruto’s Warning to Forex Traders

Share
President William Ruto at the listing of the Laptrust I-Reit at the Nairobi Securities Exchange (NSE) on March 22, 2023. [Photo/ Pool]
Share

President William Ruto on Wednesday, March 22 addressed the dollar shortage in the country that has hit manufacturers and traders hard in recent months. The President spoke at the listing of the Laptrust Imara Income-Real Estate Investment Trust (I-Reit) at the Nairobi Securities Exchange (NSE).

“As a government we have innovative inventions and undertaken innovative strategy to ensure that we ease the burden of availability of dollar in our market,” he asserted, touting Kenya’s recently announced deal to import fuel on credit.

The deal with the United Arab Emirates (UAE) and Saudi Arabia will see Kenya import diesel, super petrol and jet fuel on credit in a deal meant to ease demand for the dollar.

In a shot at forex traders betting against the Shilling, Ruto expressed confidence that the Shilling would gain against the dollar in coming weeks.

“I am giving you free advice that those of you who are holding dollars, you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks,” Ruto stated.

READ>50+ KDF Tenders You Can Apply For Today

The Laptrust Imara I-Reit marked the end of the 7-year listing drought that has persisted at the Nairobi Securities Exchange (NSE).

“It will provide investors with a unique opportunity to invest in a diversified portfolio of income-generating real estate assets. This is also expected to spur to other pension schemes heavily invested in physical assets to unlock liquidity for the benefit of pensioners,” Laptrust noted in a statement.

NEXT READ>Fawzia Ali: Meet New Safaricom Chief Consumer Business Officer

Written by
BUSINESS TODAY -

editor [at] businesstoday.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WHAT YOU NEED TO KNOW IN POLITICS

FOLLOW US ON SOCIAL MEDIA

Related Articles
President Ruto's Recent Cabinet Changes Fire Muturi
NEWSPOLITICS

President Ruto’s Recent Cabinet Changes Fire Muturi

President William Ruto has announced today, Wednesday, 26 March, a fresh series...

Gachagua: I Request the State to Leave Me Alone!
NEWSPOLITICS

Gachagua: I Request the State to Leave Me Alone!

Rigathi Gachagua is living in fear of intimidation, harassment, and surveillance as...

President William Ruto to Deliver Kenya's State of the Nation Address on November 21, 2024
NEWS

President William Ruto to Deliver Kenya’s State of the Nation Address on November 21, 2024

Moses Wetangula, the Speaker of the National Assembly, has confirmed that President...

From Deputy to Former: Gachagua's Heartfelt Message After Kindiki's Swearing-in Ceremony
NEWSPOLITICS

From Deputy to Former: Gachagua’s Heartfelt Message After Kindiki’s Swearing-in Ceremony

Embattled former Deputy President Rigathi Gachagua has spoken for the first time...