Kenya’s Trade Minister, Moses Kuria, has stated that the country’s dollar shortage is beyond the government’s control.
Mr. Kuria told lawmakers that the shortage was a global problem, but he also blamed Kenya’s culture of importing things that could be manufactured locally.
“You can’t be crying about dollar problems when we’re importing everything,” he said.
He advocated for incentives to encourage and protect domestic manufacturers from foreign competitors.
According to local media, the Central Bank of Kenya (CBK) has directed commercial banks to ration dollars due to a currency shortage.
Analysts blame the CBK for the dollar crisis, claiming that the regulator imposed strict rules in the interbank currency market.
However, the regulator has repeatedly stated that Kenya has enough foreign currency reserves to meet demand.
In over a year, the Kenyan shilling has lost 9% against the US dollar, raising the cost of living.
