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Kenya Pres. Has Ominous Warning: In Next Few Weeks, People Holding Dollars Will Go ‘into Losses’

‘You better do what you must do because this market is going to be different in a couple of weeks’

EXCERPT:

RUTO: "For the people who work numbers, I am giving you free advice that those of you who are holding dollars, you certainly might go into loses. You better -- you better do what you must do, because this market is going to be different in a couple of weeks. And secondly, we, through the central bank, we are having conversations to reinstate The Interbank Exchange Market that has since not worked, and I am happy that the players in that sector, including our banks, are coming forward and they are participating and they are working with the central bank so that we can again take charge of our market and that it is not allowed to be distorted by brokers. I’m told the only place where brokers are accepted is at the exchange. Anywhere else, they are banned. And so, I just want to assure those in Kenya who are facing challenges of access to dollars that we have taken steps to ensure that dollar availability in the next couple of weeks is going to be very different because our fuel companies will now be paying for fuel in Kenya Shillings, they do not have to look for dollars every month, because we have done what we must do as government to ensure that we ease the burden of people who want to realize their returns in dollars.”

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