Fresh dollar crisis looms as CBK faces Sh567b fuel bill

The accumulating dollar-denominated bill crosses the half-trillion shillings by the end of September when it's due. [iStockphoto]

Kenya stares at worsened effects of a currency crisis as a $4 billion (Sh567 billion) fuel import bill under the government's scheme that hoped to ease pressure against the shilling matures in September, amid the country's volatile dollar reserves.

The country in March this year issued its first oil import tender under a new system designed to cut pressure on the foreign exchange rate by switching to 180-day credit from settlement on delivery.