Certified Secretary Zac Ngugi
By: John Kariuki
Reputable Certified Secretary Zac Ngugi has taken a moment to share with us his thoughts as pertaining shilling gaining against the dollar.
Here is what he had to say:
When foreign exchange is left to market forces of demand and supply, these determine the price. Recently in Kenya, and especially after the successful Eurobond offering, the foreign exchange market has experienced a strengthening of the Kenya Shilling against all major currencies and especially the USD.
This indicates that Kenya is in good books with lenders, and also that demand for USD is lower than the supply. The optimism of Foreign Direct investment and foreign remittances is a boon and a vote of confidence in our economy. We should sustain the momentum to reap from the investor and lender confidence.
We should also enhance production and move our economy away from consumer led growth. The strengthening of the shilling will see the price of imports go down as well. This includes fuel and fuel products which will in turn lead to lower the cost of living. We should as a country work towards more strength to the Kenya Shilling against all foreign currencies to boost consumption and improve the economy.
Again, if we pay foreign debt in time and avoid default, it will mean that development partners will continue to support Kenya in its quest to achieve the projected 5% economic growth. The government should also concentrate on projects that offer stimulus to the economy so that the common Wananchi can feel something in their pockets in these hard times.
We are heading to better times if the Exchange rate and the investor confidence is anything to go by. We should not falter. We should keep the pace and attract more investments.”
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