Kenyan President William Ruto unveiled a proposal Wednesday to address the dollar crisis that involves Kenya purchasing oil using shillings.
Ruto accused oil cartels of hoarding dollars in response to the dollar crisis which has caused a fuel shortage in Kenya.
He said his government will now purchase oil using Kenyan shillings.
“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 Kenya shillings,” Ruto said at the Nairobi Security Exchange.
Who is going to sell oil for Kenya shillings?
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Oef, that can't be a good sign, I saw a chart the other day showing foreign banks trying to borrow from the fed as dollars are drying up in various countries, if we don't have US QE it will continue to drain reserves of more countries and they are forced to devalue their currencies
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But we are going to have QE big time Mate. Absolutely no doubt about that.
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