William Ruto Commends CBK for Strong Kenya Shilling, KSh 1.3t in US Dollar Reserves
- Data from the Central Bank of Kenya (CBK) showed that the shilling closed the month of May 2025 on a strong note
- President William Ruto applauded the efforts by the CBK and the National Treasury in stabilising the shilling
- Geopolitical economist Ally Khan Satchu told TUKO.co.ke that the shilling could continue to stabilise to KSh 120 per US dollar
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
President William Ruto has applauded the Central Bank of Kenya (CBK) for the strategies employed in stabilising the exchange rate.
Source: Twitter
This came as the shilling closed the month of May on a strong note, exchanging at KSh 129.26 per US dollar.
What Ruto said about Kenya shilling value
Speaking during the opening of the Central Bank of Kenya Police Housing Complex in Industrial Area, Nairobi, on Tuesday, June 3, Ruto acknowledged the stability of the exchange rate and inflation.
"For the first time in over a year, our exchange rate is stable, and our inflation has been managed. I must commend the many people who have made this happen.
"Mr governor and your team, I must say congratulations. You have led with a lot of focus. I know we continuously consult," said Ruto.
Source: Twitter
Why Kenya shilling remains stable
The head of state attributed the stability in the exchange rate to strong US dollar reserves at the CBK.
He revealed that the CBK has been strategic in its mandate to stabilise the shilling, sometimes giving him a no to some of his policies.
"For the first time ever in the Republic of Kenya, we have reserves of over $10.3 billion (KSh 1.3 trillion). It doesn't come easy. I must also commend Central Bank for the leadership in our financial sector.
"I have told you where we should go, and you have been phenomenal. I know some of the time I have pushed you hard, but because you have a lot of experience, sometimes you have said no. And I take no with a lot of grace, because I know that this is good for all of us," he noted.
A Central Bank of Kenya report indicated that foreign currency in May 2025 hit KSh 1.4 trillion worth of dollars, representing more than four months of import cover.
Will the shilling continue to strengthen?
The president said the Central Bank and the National Treasury have been significant in enhancing Kenya's economy.
He said the country now boasts a stable economy, thanks to the stability of the exchange rate, noting that it will continue to stabilise.
Speaking exclusively with TUKO.co.ke, geopolitical economist Ally Khan Satch noted that the shilling could continue to strengthen and trade at KSh 120 per US dollar.
"Because of the support for the Gulf Cooperation Council and the shilling's asymmetric behaviour, we could see it reach KSh 120 per unit dollar," said Satchu.
Kenya shilling projection
The African Development Bank (AfDB) projected strong growth of the Kenya shilling in 2025.
The AfDB Economic Outlook showed that the shilling will appreciate by 3% as of December 2025.
The report showed the shilling will beat other currencies across the continent.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
