DP Rigathi Gachagua has come out to offer an explanation why the the Kenyan shilling is weakening against the dollar.
Currently, the exchange rate for the Kenyan shilling against the US Dollar stands at 152
While speaking in Mombasa, the second in command claimed that billions of dollars were stolen from the Central Bank and transferred to a private bank thus affecting the shilling
“$2 billion was taken from the Central Bank of Kenya and put in a private bank. That is responsible for the weakening of the Kenyan Shilling,” Gachagua said.
He added that those behind the theft will be exposed.
He further said that the ‘mess’ that the country is witnessing currently can not be fixed in a year.
“We are going to say who took what and where so that the people of Kenya can know why we are in this mess. How do people expect a government to fix a 10-year mess in one year?” Gachagua posed.
At the same time, he also urged investors to buy government companies that are struggling but noted that they will have to pay taxes as soon as they begin making profits.
“Very soon, we are finalizing the law, and all these companies will be available for sale. You have money to buy them. Once they are profitable, we shall collect corporate taxes and Pay As You Earn (PAYE),” he said.
Some of the companies he listed include sugar companies such as Chemilil, Nzoia Sugar and Mumias sugar.
“You are aware we want to privatize all non-profit-making state corporations so that we can give them to you people because you are the ones who know how to do business. Let us leave business to the private sector so that people who know how to run investments can do it professionally,” Gachagua noted.
