Kilifi North MP Owen Baya praises Ruto for strong Kenya shilling
Kilifi North lawmaker Owen Baya has commended President William Ruto’s efforts towards stabilising the Kenya shilling’s value against some seasoned currencies including the United States dollar.
Mr Baya, during a TV interview, also praised President Ruto for what he described as strategic decision-making, including the introduction of visa-free entry to the country for all foreigners.
“We must credit this government for stabilising the shilling. The Kenya shilling has improved in its value against the dollar. President William Ruto is a thinker who understands how to manage this things,” said Baya.
The lawmaker also said the country had witnessed a surge in tourist arrivals, leading to the increase of foreign exchange.
“The President introduced visa-free entry into the country and many criticised him for that. But what does that move mean? If you go to the immigration department and ask for the tourist data, you will be surprised.”
“The number of tourists from Italy coming to Kenya has increased. If you go to Watamu in my constituency, all hotels are fully booked up to April. Just because of that move of removing the visa. This means dollars, euros are flowing into the country.”
Mr Baya also highlighted the recent decision by the Central Bank of Kenya (CBK) to raise interest rates as a strategic move aimed at stabilizing the economy and curbing inflation.
“Two days ago the CBK raised the interest rate, this means you reduce borrowing… Of course, the market will suffer a little bit but it stabilizes the economy and reduces inflation. We must credit this government for deliberate efforts to ensure it has come down,” he said.
The Kenyan shilling recorded a drastic gain on Wednesday to trade at Ksh.155.50 having registered a severe beating of up to Ksh.163.99 earlier this month.
The shilling has lost considerable value against the dollar and other currencies including the Tanzania and Uganda shillings which led to an increase in purchasing imports and a strain on the economy.
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