The embassy posted a tweet of President William Ruto cautioning people who are hoarding dollars to advice themselves because of a crucial decision he was going to take soon.
“For the people who work numbers, I am giving you free advice that those of you who are hoarding dollars, you shortly might get into losses.
“You better do what you must do because this market is going to be different in a couple of weeks,” Ruto stated in the video of their March 24 tweet.
Petrodollars is defined as US dollars earned from export sales of petroleum products. Dollar is the main currency of exchange in the purchase of petrol products by most countries across the world.
Kenya was recently reported to have suffered a dollar crunch which was critiqued even by Tanzanian president Samia Suluhu Hassan who is on record to have said in an address on International Women’s Day:
“Let no one lie to you (Tanzanians). 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 that they can buy fuel.”
Russia on the other hand is in a shadow fight with the United States over American support for Ukraine in a war Russia waged against its neighbour in 2022.
Moscow’s relations with Washington has continued to deteriorate as they look more to China for economic cooperation to counter America and the EU’s financial dominance.
Source: www.ghanaweb.com
