A fake poster purporting to have been published by the Standard Digital showing people queuing at NCBA bank to sell dollars is FAKE.
Standard Digital flagged the circulating images down indicating that perpetrators were out to spread panic propaganda on money markets.
Dollar exchange rate against Kenyan Shilling has been on the rise and people were on the dollar purchase spree to later sell for profit.
On January 15th, 2024, the Kenyan currency experienced a significant drop, crossing the 160-unit mark and further weakening the shilling. According to the Central Bank of Kenya (CBK), inflation rose to 6.9% in January, up from 6.6% in December 2023. This has had a negative impact on Kenya’s economy, as the cost of inputs such as fuel has become exorbitant. However, since Wednesday 7th, the shilling has started to gain value, and as of February 15th, the CBK exchange rate shows that one US dollar is equivalent to 153.2039 Kenyan shillings. On the other hand, Google has reported the exchange rate to be 150.50.
Kenya Bankers Association (KBA) in a statement noted that the move is rightly attributable to growing confidence in Kenya’s macro-economic performance and outlook, including the recent floatation and successful pricing of a US $1.5 Eurobond and the successful issuance and sale of an 8.5-year Infrastructure Bond.
“It is instructive to note that as significant players in the domestic market, the majority of our members participated quite strongly in the KES 70 Billion Infrastructure bond, and banks hold just about 50% of outstanding public debt stock,” KBA stated.
