While Kenya is experiencing economic crises along with plummeting local currencies, oil cartels are stashing greenbacks, incurring wrath from African heads of state.
Kenyan President William Ruto has signed a deal with Saudi Arabia to purchase oil in Kenyan shillings rather than U.S. dollars.
As the U.S. currency hit a high of 145.5 shillings because of increased importer demand, President Ruto accused the oil cartels of hoarding U.S. dollars to respond to the crisis, leading to fuel shortages across Kenya.
Demand for US greenbacks is expected to fall as soon as an agreement is signed for imports of fuel under loan from Kenyan and Saudi governments. Kenya imports the overwhelming majority of fuel from countries such as Saudi Arabia and the UAE, among others, and pays with dollars.