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Rigathi Gachagua fires warning at businessmen hoarding dollars

Deputy President Rigathi Gachagua has issued a stern warning to investors hoarding Dollars (USD).

According to the second in command, a group of investors and business people holding the United States currency are the cause of Kenyan shilling losing value in the money market.

The decision by the government to import fuel through contracted companies from the United Arab Emirates (UAE) countries, will ease the hard economic times experienced in Kenya.

“All those Kenyans, business people and investors who have been hoarding US Dollars for speculation purposes, please offload your Dollars to the market today and tomorrow,” Mr Gachagua said at an event where he received a fuel vessel carrying 85, 000 tonnes of petrol from the United Arab Emirates (UAE) in Mombasa.

The move by the government entails marketers buying oil in Kenyan currency.

It was arrived at, after Kenya signed a deal in March 2023 with three international oil companies.

Defending the approach, President William Ruto said it will help to ease and address the ever-rising price of Dollar.

As at Friday, April 14, 2023, the one USD was trading at Ksh134.50.

Mr Gachagua says the business community still hoarding the US Dollars will be in for a rude shock in a few weeks to come as the Kenyan currency will start stabilizing thus lowering the soaring cost of living.

“It is very honest advice from truthful man. With what has happened, the Dollar will come down and that of the Shilling will gain and we do not want Kenyans to lose money,” the DP said.

He cautioned: “Those who have been hoarding Dollars everywhere hoping that it will continue going up, it will go down starting today, tomorrow, and the day after. So, if you have a few Dollars that you are still hoarding, please let them go back to the market for circulation. You will come to thank me later, after a week or two.”

The rising cost of living in the country is among the issues Azimio la Umoja wants to be discussed and addressed during the bipartisan talks, between the opposition and the Kenya Kwanza government.

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