Kenya Signs Agreements with Aramco and Adnoc

Kenya's Energy Minister Davis Chirchir announced on Monday that the country has signed two agreements with UAE's Adnoc and Saudi Arabia's Aramco for the supply of petroleum products with a six-month credit period, in a move aimed at curbing the demand for dollars that is weakening the local currency. Chirchir stated at a press conference that the agreements were signed on Friday after the companies were selected from seven bidders. The East African nation opted for a longer repayment period instead of payment upon delivery, aiming to eliminate the need for importers to spend hundreds of millions of dollars each month. However, foreign exchange traders have expressed skepticism about the plan's ability to halt pressure on the local currency, arguing that it merely postpones demand. The plan has also been challenged in the Supreme Court, with a decision expected to be issued tomorrow, Tuesday.