The recent drop in value of Kenya’s shilling against the dollar has hugely affected motor vehicles companies within Nakuru County, which have admitted extreme financial losses.
Truck World Nakuru, a motor vehicle firm located at Nakuru town on the road to Eldoret, is a victim of this menace and has been forced to bear the burden of increased purchase cost of the vehicles and spare parts without transferring it to its clients.
The company which deals with vehicles mostly from HINO dealers deal and motor vehicle assembly, which they sell to clients. It mainly imports the vehicles and machinery from Japan and has employed many people from the region.
Speaking at his office, Amrik Bhogal, the company’s the general manager, revealed that the drop in value has forced them incur tremendous financial losses they never wanted to inflict the burden to the consumer.
He said that they have to bear with the situation since it is not the only company affected but also many others countrywide. He also added that the drop in value has also affected their suppliers who sell them materials at a high cost.
‘’We have heavily suffered from the drop in value of the Kenya shilling whereby materials have risen in price by 35%,’’ he added.
He went ahead to say that as a company, they are expecting the crisis to end in the near future following the recent remarks by the new Central Bank governor Dr Patrick Ngugi that the new management will try to curb the situation.