• News
  • Entertainment
  • Politics
  • Tech and Business
  • Health and Lifestyle
  • FaithLife and Culture
  • Sports
  • Sponsored
18 °c
Nairobi
18 ° Wed
19 ° Thu
18 ° Fri
19 ° Sat
18 ° Sun
17 ° Mon
HabariLeo
  • News
  • Entertainment
  • Politics
  • Tech and Business
  • Health and Lifestyle
  • FaithLife and Culture
  • Sports
  • Sponsored
No Result
View All Result
  • News
  • Entertainment
  • Politics
  • Tech and Business
  • Health and Lifestyle
  • FaithLife and Culture
  • Sports
  • Sponsored
No Result
View All Result
HabariLeo
No Result
View All Result
Home Tech and Business

President Ruto’s Directive Reduces Dollar Market Distortion.

Ebby Kianga by Ebby Kianga
2023/04/26
in Tech and Business
0
President Ruto’s Directive Reduces Dollar Market Distortion.
0
SHARES
1.1k
VIEWS
Share on FacebookShare on Twitter

The State Department’s directives to restore the interbank currency market have reduced the worrying dollar shortage.

The changes were implemented in response to President William Ruto’s order on March 22 to revive the interbank foreign exchange market in an effort to do rid of market distortions that had exacerbated the foreign exchange shortfall.

A significant dearth of hard currency has been attributed in part to the absence of a thriving interbank foreign exchange market, requiring the government to seek out longer credit terms for essential imports like gasoline.

The interbank market for hard currency has been dormant in recent years as a result of what merchants described as strict supervision by the central bank.

Additionally, it has spawned a parallel currency exchange market where money changers charge a rate for foreign exchange that is greater than Sh10 per dollar than the official rate set by the central bank.

From Sh13 in early March, the difference between official and open market pricing has dropped to an average of Sh6 per unit. The widening of the differential has produced a black market for dollars due to a lack of supply.

The secondary effect of increasing consumer costs and projected supply interruptions of essential imported commodities has made the dollar shortage a national issue.

Due to pressure from the central bank on commercial lenders to prevent the shilling from falling too far, currency exchange between Kenyan banks has decreased in recent years.

Patrick Njoroge, the governor of the central bank, has frequently dismissed claims that the regulator was intruding on the market without authorization and argued that it was merely upholding order.

ShareTweet

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ebby Kianga

Ebby Kianga

Related Posts

Taxpayers Saves Ksh3.6 billion After Reduced Railway Tariffs
News

Taxpayers Saves Ksh3.6 billion After Reduced Railway Tariffs

by Ebby Kianga
2023/05/19
0

The Railway Development Levy (RDL), which is one of the proposals President William Ruto has emphasized as a key pillar...

Read more
Central Bank of Kenya Lending Rates Raised

13 banks with bad financial standing in one year

2023/05/17
Price of Maize Rise To Sh6,100 a Bag

Price of Maize Rise To Sh6,100 a Bag

2023/05/16
Safaricom intends to reinstate interest-free shopping loans

Safaricom intends to reinstate interest-free shopping loans

2023/05/15
StanChart pays down a Sh2.5 billion loan.

StanChart pays down a Sh2.5 billion loan.

2023/05/15
China’s Debt Tax Load Sees A Decline During States First Budget

China’s Debt Tax Load Sees A Decline During States First Budget

2023/05/12

Discussion about this post

Nairobi, KE
Tuesday, May 30, 2023
light rain
18 ° c
61%
8.43mh
70%
23 c 13 c
Wed
24 c 13 c
Thu
21 c 14 c
Fri
24 c 14 c
Sat
Bamburi faces Sh1.2 billion in tax charges from Kenya and Uganda
New

Bamburi faces Sh1.2 billion in tax charges from Kenya and Uganda

by Ebby Kianga
May 22, 2023
0

Authorities in Kenya and Uganda have filed tax claims against Bamburi Cement totaling Sh1.2 billion, but the company maintains it...

Read more
Taxpayers Saves Ksh3.6 billion After Reduced Railway Tariffs
News

Taxpayers Saves Ksh3.6 billion After Reduced Railway Tariffs

by Ebby Kianga
May 19, 2023
0

The Railway Development Levy (RDL), which is one of the proposals President William Ruto has emphasized as a key pillar...

Read more
KCB Invests Sh25 Billion in a DRC Bank Purchase
New

Over 1.9 Million Bank Accounts With More Than $100,000.

by Ebby Kianga
May 18, 2023
0

In the year leading up to December, the number of bank deposit accounts with a value of above Sh100,000 expanded...

Read more
Central Bank of Kenya Lending Rates Raised
Tech and Business

13 banks with bad financial standing in one year

by Ebby Kianga
May 17, 2023
0

The number of commercial banks in Kenya with poor financial standing rose to 13 last year as more institutions failed...

Read more
HabariLeo

Get it on Google Play

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • News
  • Entertainment
  • Politics
  • Tech and Business
  • Health and Lifestyle
  • FaithLife and Culture
  • Sports
  • Sponsored

Get it on Google Play

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.