Kenya signs deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars.
Discussion
And so it begins…
😳 Cracks are forming
Thus it begins… Muammar would be proud!
De-dollarization is happening everywhere. Even US allies like India and Bangladesh also started trading in their local currency.
USD is getting rekt.
Don't trust, verify.
> government will determine the FX rate applicable..,.
This looks like an over-complicated price control scheme. Does anyone understand what they're actually doing?
Answer is in the first bullet point.
Check out KES/USD chart from last year.
They're helping them to stop further depreciation depreciation of their shitcoin by allowing them to buy oil on credit which can be collateralized in KES and needs to be repaid in USD within next half a year.
Now they have 6 months more to fix their internal shit.
It's a leash. Nothing to cheer about here.
😑
Mandibles
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Sauce ??
I feel like “Kenya needs democracy” is the next headline.
Tread lightly Kenya - see Libya, Iraq