A government-backed deal to import fuel on credit has failed to stop the depreciation of the Kenyan shilling against the dollar as the local currency dropped to a fresh low of 137.06 units on Friday, a month after the first cargo landed in the country.
When fuel imported on credit landed mid-last month it was anticipated that the government-brokered deal would ease pressure on the demand of the dollar from the oil marketers and prop up the shilling.
