President William Ruto has disclosed his administration's plan to fix the dollar shortage in Kenya.
Speaking on Wednesday, the president assured business people that with the set market-driven strategies, the shortage should be fixed in a matter of weeks.
Ruto said his administration has also undertaken innovative strategies to ease the burden of the availability of dollars in the market.
He added that they already have an agreement that will see Kenyans access fuel on a deferred six-month credit.
He said the move will ease demand for about 500 million dollars every month from this market.
"I want to assure those in Kenya who were facing challenges of access to dollars that we have taken steps to ensure dollar availability in the next couple of weeks are going to be different because our fuel companies will now be paying for fuel in Kenya shillings," Ruto said.
"They do not have to look for dollars every month because we have to ensure we ease the burden on people who want to realise their returns in dollars."
President Ruto said that through the Central Bank of Kenya, they are having a conversation to reinstate the Interbank Exchange Market which has not been operational.
He said players in the sector, including banks, are working with the central bank and soon Kenya will take charge of its dollar market, doing away with brokers.
Ruto urged individuals holding dollars that they could soon run into losses if they do not do what is right.
"Therefore, for the people who work numbers, I am giving you free advice, that those of you who are holding dollars soon you might go into losses. You better do what you must do because this market is going to be different in a couple of weeks," the president said.
He was addressing the Nairobi Securities Exchange where he had gone to Ring the bell during the listing of Laptrust Imara (REIT).
