Egypt to barter Kenyan tea amid USD crunch
Updated 11/7/2023 8:51:00 AM
Arab Finance: Egypt is willing to barter instead of using up its supply of USD to continue purchasing tea from Kenya, Bloomberg reported on November 6th.
The world's largest exporter of black tea was asked last week if it could trade tea for anything that Egypt produces, since many countries are experiencing a shortage of US dollars, according to Kenyan Treasury Secretary Njuguna Ndung’u.
Speaking on November 6th at a panel in Nairobi, the Kenyan official said that Egypt's ambassador made the request.
“Right now, we cannot get your tea. It is lying in Mombasa because we have no dollars to pay,” Ndung’u told the ambassador as saying, referring to the major Kenyan port city. “We will get your tea and you also come and decide what you get from us.”
After Pakistan, Egypt is Kenya's second largest tea buyer.
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