Kenya To Use Local Currency To Buy Oil from Saudi Arabia
Kenya To Use Local Currency To Buy Oil from Saudi Arabia. The US dollar has long been a cornerstone of global commerce, with its widespread acceptance and use elevating its value to unparalleled heights. However, a growing number of countries are now looking to break away from this dependency and explore alternative currencies. The once-unquestioned dominance of the dollar is being challenged, as nations seek to establish their own currencies as viable alternatives. In a bold move, Kenyan President William Ruto announced that his government will no longer buy fuel using the dollar, instead, he proposed a plan to purchase oil using the national currency, the Kenyan shilling.
Kenya aims to reduce its dependence on the US dollar and better manage its foreign exchange reserves by requiring fuel marketing companies to purchase petroleum products in Kenyan shillings through a credit system, as stated by Energy and Petroleum Cabinet Secretary Davis Chirchir. The agreement was signed by President William Ruto, who accused oil cartels of stockpiling US dollars, resulting in fuel shortages in Kenya due to increased importer demand. The move to buy oil in Kenyan shillings is expected to shield the country from the impacts of currency fluctuations and result in lower fuel prices.
“I want to assure those in Kenya who were facing challenges of access to dollars that we have taken steps to ensure dollar availability in the next couple of weeks; things are going to be different because our fuel companies will now be paying for fuel in KSH,” Ruto stated at the Nairobi Security Exchange.
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