William Ruto, the President of Kenya, has reached an arrangement with the Kingdom of Saudi Arabia to purchase oil using Kenyan Shillings rather than US Dollars. As the exchange rate for the US dollar reached 131.40 Kenyan shillings as a result of increasing demand from importers, Kenya’s President William Ruto accused oil cartels of stockpiling American dollars as a response to the issue, which led to gasoline shortages around the country. After the arrangement to buy petroleum on credit has been signed by the governments of Kenya and Saudi Arabia, it is anticipated that demand for the US dollar would decrease. Ruto believes that taking this action will “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.
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