Unit exchanged at an average of Sh143.5182 against the dollar on Friday. Development elevates newfound hopes of ending a currency crisis involving a steep decline in value.
Civil society organisations have criticized the government's move to buy back Eurobond with another Eurobond at a higher interest rate of 10.7 per cent.
The government says they got bids of up to $6 billion against an issue of $1.5 billion. The move restores confidence in the country’s debt management.
Ruto’s cash-strapped administration is seeking to raise billions of shillings of new debt from international investors in a bid to help Kenya repay its Sh320 billion Eurobond debt.
AfDB approved budget support to Kenya last year amounting to Sh12.8 billion. The loan is expected to be finalised this year ahead of disbursement.
The risk of Kenya defaulting on Eurobond due to dollar shortages has a probability of one even as the impact has a score of five.
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