Kilifi North Member of Parliament Owen Baya attributes President William Ruto's administration's "deliberate policy" for the recent strengthening of the Kenyan shilling versus the US dollar.
Speaking on Citizen TV's Day Break program, the Kilifi North MP called the president a "thinker" and highlighted the Head of State's directive for visa-free travel as one of the main factors in the currency's strengthening.
"We must credit this government for deliberate efforts to ensure it (dollar exchange rate) has come down. There is a guy at the top… he is called William Ruto, who runs a government. He is a thinker, knows how to manage things, and things are moving forward, said the MP.
According to Baya, the country has seen a noticeable increase in tourists due to visa policy changes, primarily from Italy. The MP claims that foreign exchange has been pumped into the economy due to more tourists visiting the country, strengthening the shilling.
Did you read this?
The MP continued by pointing out that the government's choice to buy back a portion of the Eurobond was a significant factor in the shilling's unexpected increase.
As per Baya's analysis, this action conveyed a favorable message to overseas investors regarding Kenya's fiscal soundness, resulting in heightened trust and investment in the nation.
The government's thoughtful economic policies and the proficiency of advisors at organizations like the Treasury and the Central Bank of Kenya (CBK) were also commended by Baya. He emphasized, in particular, the CBK's recent decision to raise interest rates as a calculated step toward containing inflation and stabilizing the economy.
The Kenyan shilling saw a sharp increase on Wednesday, closing at Ksh.155.50, after suffering a significant loss as high as Ksh.163.99 earlier in the month.
