Kenya ditches dollar for fuel imports
KENYA DITCHES DOLLAR FOR FUEL IMPORTS
Kenyan President William Ruto has issued a warning to anyone in the country who has money in dollars: the value is about to drop. The advice comes as Kenya seeks to de-dollarize.
Until recently, Kenya has paid for its fuel imports in dollars. However, with the cost of buying dollars increasing, and cartels ‘hoarding’ dollars, the Kenyan government has moved to tackle the ensuing fuel crisis by ditching dollars entirely. Kenya has signed an agreement with Saudi Arabia to buy fuel in Kenyan shillings, and on credit. The hope is that this will lower demand for the dollar, alleviating pressure on importers of other goods.