Treasury admits deal with Gulf oil firms a flop


What you need to know:

  • Kenya intends to exit agreement in December as deal has had opposite effect.
  • The oil import system meant to cure dollar shortage has hit headwinds as it created distortions in the currency market.

The oil supply deal Kenya signed with three State-owned Gulf companies last year to tackle challenges related to the scarcity of dollars has failed to ease the foreign exchange pressures on the country as expected, the Treasury has admitted. In disclosures to the International 

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