The Kenya Kwanza government and head of state President William Ruto’s economist David Ndii were forced to reply to Ruto’s comment about the falling shilling after his remarks not long ago.
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Ahmed Muhammed engaged David Ndii is questioning President Ruto’s pledges in a tweet that was reignited by Azimio ally Gabriel Oguda. Ndii maintains that Mr. President was advised not to comment or commit to something he has no knowledge of.
David Ndii (@DavidNdii): We have restored a flexible, i.e., market rate. This is to say that xrate is not a policy target. It will settle where the market clears, i.e., demand and supply. The president speculated where he thought that would be. He is not an economist. We advised him to refrain from doing so in the future.
Ahmed Muhammed: @Abdiwelimuham. Replying to @David NdiiProf good job, but my question is: why is the dollar still high, and when are we expecting the shilling to gain as promised by the president?
The subtle attacks came a few weeks ago when the head of state, President William Ruto, made a comment on the plunging shillings against the dollar.
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“We just concluded a market-driven arrangement in our fuel sector that will see Kenya access all our fuel needs on a deferred six-month credit that will eliminate a demand of USD 500 million every month from this market,” said President Ruto.
“I am giving you free advice that those of you who are hoarding dollars will shortly go into losses. You better do what you must do because this market is going to be different in a couple of weeks.”
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