https://sputnikglobe.com/20230324/kenya-to-buy-oil-for-local-currency-instead-of-us-dollars-1108756344.html
Kenya to Buy Oil Using Local Currency Instead of US Dollars
Kenya to Buy Oil Using Local Currency Instead of US Dollars
Sputnik International
In this article you can read about Kenyan and Saudi Arabian agreement on ditching dollar in oil trade
2023-03-24T13:54+0000
2023-03-24T13:54+0000
2023-03-24T15:00+0000
africa
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Kenyan President William Ruto signed an agreement with Saudi Arabia to buy oil for Kenyan shillings instead of US dollars. As the US currency exchange rate hit 145.5 shillings due to increased demand by importers, President Ruto accused oil cartels of stockpiling American dollars in response to the crisis, sparking fuel shortages throughout Kenya. Demand for the US greenback is expected to drop once the deal is signed to import fuel on credit by the Kenyan and Saudi governments. According to Ruto, this step should "ensure dollar availability." Kenya imports the vast majority of its fuel from countries like Saudi Arabia and the United Arab Emirates, among others, and pays in dollars.
https://sputnikglobe.com/20230304/africa-is-becoming-new-market-for-russian-oil-products-amid-eu-embargo-report-says-1108021214.html
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kenya and saudi arabia, trade relations, oil deal, local currency, fuel shortage in kenya
kenya and saudi arabia, trade relations, oil deal, local currency, fuel shortage in kenya
Kenya to Buy Oil Using Local Currency Instead of US Dollars
13:54 GMT 24.03.2023 (Updated: 15:00 GMT 24.03.2023) While Kenya is experiencing an economic crisis alongside a plummeting local currency, petroleum cartels are socking away greenbacks, raising the ire of the African nation’s head of state.
Kenyan President William Ruto signed an agreement with Saudi Arabia to buy oil for Kenyan shillings instead of US dollars.
As the US currency exchange rate hit 145.5 shillings due to increased demand by importers, President Ruto accused oil cartels of stockpiling American dollars
in response to the crisis, sparking fuel shortages throughout Kenya.
"I'll give you free advice, those of you who are hoarding dollars, you certainly might go into losses, you better do what you need to do, because this market is going to be different in a couple of weeks," said Ruto.
Demand for the US greenback
is expected to drop once the deal is signed to import fuel on credit by the Kenyan and Saudi governments. According to Ruto, this step should "ensure dollar availability."
"In the next couple of weeks, dollar availability is going to be very different, because our fuel companies will now be paying for fuel in Kenyan shillings," the president said at the Nairobi Stock Exchange on March 22, as reported by media.
Kenya imports the vast majority of its fuel from countries like Saudi Arabia and the United Arab Emirates, among others, and pays in dollars.
