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Kenya: International banks shunned from oil deals with Gulf

By Herald Onyango

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Posted on July 19, 2023 09:37

Fuel prices increase again in Kenya, as people are trying to make ends meet. (Reuters/Baz Ratner)

The change of direction aims to cut costs for the government, but could lead to shilling depreciation and increase in petrol prices locally.

Backpedalling on previous plans, policy makers have decided to only use local banks in Kenya’s Government to Government (G2G) oil importation arrangements with countries in the Gulf.

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