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Rigathi Gachagua Urges Businesses to Release Dollar to Market

Deputy President Rigathi Gachagua received 160 metric tonnes of fuel under the Government-Government agreement at the port of Mombasa

Gachagua reiterated the oil imported using Kenya Shillings has saved the country $500 million per month

He warned business people and Kenyans hoarding the dollar to release it to the market or lose their money once the exchange rate drops

Kenyans and businesses hoarding the US dollar have been warned to offload it to the market immediately. Deputy President Rigathi Gachagua said the Kenya Shilling will soon stabilise against the US currency.

US dollar exchange rate Speaking while receiving 160,000 metric tonnes of petroleum oil on Thursday, April 13, Gachagua said the deal is a new game changer for economic stability.

Kenya inks oil deal with three oil companies Gachagua said the new oil import deal, saving Kenya $500 million (KSh 66.8 billion) to purchase fuel, will reduce the demand for dollars in the market.

The first dispatch of petroleum oil under the Government-Government agreement at Kipevu, Mombasa. Kenya government signed an agreement with three international oil companies to buy petroleum oil in Kenya Shilling. The March 2023 deal was signed to cushion oil marketers from the rising dollar shortage in the country

The deal involved three oil-producing companies, including the Saudi Arabian Oil Company (Saudi Aramco), the Abu Dhabi National Oil Company (Adnoc), and the Emirates National Oil Company (Enoc).

Source: tuko



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