PURITY NELIMA
The continuous rally of ksh. over last week has signalled a signified tithe turn for the currency, that was expected to shade the value this year.
After shilling increased to over 160 against the Us dollar. This has changed the inflow of dollar denominated support from the International Monetary Fund IMF. Which dispersed 684 million dollars in January this year to a tune of 385 million dollars, with the African development burns set to further increase dollar liquidity in the country by an additional disbursement of 88 million dollars.
The experts now say, they have given shilling in short in the arm against the Dollar. The shilling which stood at 162 against Us dollar three days ago, has regained value to close the day at an average sh 153 to dollar indicating insignificant gain, attributing to lack of incentive for investors to keep holding back.
The panic sale of Us dollars in the market is expected to see Kenyan shilling gain Us dollar further against Us dollar. Experts predict that the shilling will hold steady at sh140 to the dollar in the second and third quarter of the year but they remain conscious that the shilling may not last as long as micro economic fundamentals remain the same.
According to the national treasury, principal secretary Dr. Chris Kiptoo says Kenyans holding the dollars should take the advantage of the current window so as to sell of their dollars or risk losing them even as he says the shilling will continue to rally against Us dollar.