As the value of the US dollar continues to decline due to global events such as the conflict between Russia and Ukraine, President William Ruto of Kenya has recommended that individuals and investors consider reducing their reserves of the currency.
To address the issue of demand for foreign currency, President Ruto has proposed measures that would allow oil importers to use shillings instead of dollars to purchase oil. This move is expected to reduce the country’s reliance on the US dollar and promote the use of the local currency, the Kenyan shilling.
In addition to this, the Kenyan government is collaborating with the Central Bank of Kenya to enhance the exchange market. This will help the country regain control over its currency market and improve its stability.
The decline of the US dollar has been a concern for many countries around the world. Kenya, like many other nations, is taking steps to mitigate the impact of this decline on its economy. By reducing the demand for US dollars, the country hopes to strengthen its own currency and promote economic growth.
President Ruto’s recommendation to reduce US dollar reserves is a bold move that demonstrates Kenya’s commitment to achieving financial stability. With the government and Central Bank of Kenya working together, the country is well-positioned to weather the challenges posed by the global economic climate.
Overall, the measures being taken by Kenya to reduce its reliance on the US dollar and strengthen its own currency market are commendable. They serve as a reminder of the importance of financial stability and the need for countries to take proactive steps to protect their economies from external shocks.
