Kenya’s Treasury Principal Secretary, Chris Kiptoo, dismissed claims of a dollar shortage in the country.
He assured lawmakers that Kenya had enough reserves for almost four months and would receive an additional USD 1 billion from the World Bank to boost reserves.
Kiptoo acknowledged the challenge of dollar shortage faced by several countries due to the Russia-Ukraine conflict.
He confirmed that the government was working with the Central Bank of Kenya to address the circulation of dollars between banks and private individuals.
Tanzania’s President Suluhu claimed that EAC nations were seeking guarantees from Tanzania to purchase fuel since their dollar reserves could not last even a week.
Despite concerns of a looming fuel crisis in Kenya, the Petroleum Outlets Association of Kenya chairman clarified that the country had enough fuel for the next few weeks.
However, major oil companies were not evacuating it due to a lack of sufficient dollars.