Kenya de-dollarizing its fuel trade amidst dollar squeeze - William Ruto

26 Mar 23 Due to the dollar shortage, which the government is trying to address, importers —including oil marketers and manufacturers—have been forced to pay more for dollars than the official average exchange rate set by the Central Bank of Kenya.

In order to tackle the dollar squeeze, Kenya signed an agreement for the supply of petroleum products using their national currency (Kenyan Shilling), with the Saudi Arabian Oil Company, the Abu Dhabi National Oil Company, and the Emirates National Oil Company.

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