On Thursday, June 1, Tanzania’s government began implementing strict regulations to address a dollar shortage, months after President Samia Suluhu trolled a broke neighbour seeking her help.
In the announcement by the country’s Central Bank, various measures outlined included banning unlicensed brokers from buying and selling dollars.
The bank stated that the recent developments in the market informed the decision.
Notably, the move came months after Suluhu took a swipe at her begging neighbours who were facing a dollar crisis.
At the time of the remark made on March 9, Kenya was on the verge of a dollar crisis after oil importers noted that they were unable to import fuel.
She noted that the begging country- which analysts believed to be Kenya – had been pleading for their dollars.
“We are at a better place compared to our neighbours. Their dollar reserves cannot last a week. Our reserves can push us for four months.
“They are here begging us for guarantees so they can buy fuel,” she remarked.
Kenya quickly responded to the claims noting that various institutions were implementing measures to address the shortage.
Treasury Principal Secretary, Chris Kiptoo, also downplayed claims that the country was facing a dollar shortage crisis.
He noted that the government was on the verge of getting funding from the World Bank to address the shortage.
“The World Bank will be sitting down very soon to discuss the development value operations where we expect to get 1 billion dollars.
“I want to assure Kenyans that we are not sitting pretty and we are working very hard and all shall be well,” he stated.
Notably, following the crisis, President William Ruto brokered a deal with leading oil companies in Saudi Arabia for the importation of fuel using the Kenyan shilling.
The first consignment of the oil imported under the Ruto deal arrived in the country in April – a month after Kenya faced the crisis.
“We have taken steps to ensure that there is dollar availability because our fuel companies will now be paying for fuels in Kenya shilling,” Ruto stated then.
As of early June 2023, the shilling traded at Ksh138.5 against the dollar.
