President William Ruto on Wednesday unveiled a proposal to address the dollar crisis that involves Kenya purchasing oil using shillings.
Speaking during the Listing of Laptrust Imara (REIT) at the Nairobi Securities Exchange on March 22 the head of state accused oil cartels of hoarding dollars in response to the dollar crisis which has caused a fuel shortage in Kenya and added that the government would clamp down on runaway currency exchange rates.
Ruto said that apart from the recent deal allowing the government to purchase fuel on credit, to reduce the demand for the greenback, his administration would tame forex brokers. He explained that the deal would eliminate the demand for about $500 million (Sh65 billion) every month.
