According to the president of Kenya, William Ruto, several economic measures will cause the dollar exchange rate in the country of East Africa to rapidly decline.
One important factor was that his nation was now paying some suppliers for its petroleum needs in local Kenyan Shillings.
In a video circulating on social media platforms, Ruto is heard praising members of his economic advisory team who: “managed to put together a programme that has taken us away from looking for USD500 million every month to buy our fuel needs, which was slowly snowballing into a crisis.
“Today, as a country we can buy fuel in Kenyan Shillings, something that many people never thought it will be possible… from this month of April, all our fuel marketers, they will be able to buy our fuel products in Kenyan shillings,” he revealed at an event.
He continued that the new arrangement will, “remove pressure on our dollars. In fact, in the next few months, we will see the exchange rate coming down in a very phenomenal way,” he stressed.
“Are we seeing a new and sustainable global paradigm of de-dollarization?” Gabby posted in a tweet dated April 16.
As the primary means of international trade, the dollar has recently been under intense examination. Brazilian President Lula da Silva recently questioned the “might” of the dollar, questioning why nations cannot trade in their own currencies.
