Egypt will continue to pay for tea at the Mombasa auction in dollars despite its recent move away from the greenback in international trade.
All transactions at the Mombasa Tea Auction are denominated in dollars, obliging all buyers to utilise the US currency.
In the previous year, Egypt imported tea worth Ksh22 billion, reinforcing its status as Kenya's second-largest purchaser of the beverage. The move away from the US Dollar mirrors a global trend driven by geopolitical tensions, economic sanctions, and a desire for greater financial autonomy. An official at the auction clarified that there have been no negotiations, nor will there be, to permit Egypt to settle its dues using an alternative currency.
Having recently joined BRICS, Egypt is aligning with the economic bloc's push for de-dollarisation. This move underscores the country's determination to reduce reliance on foreign currencies, particularly the US Dollar, as demonstrated by its efforts to transition trade with Ethiopia and finalise significant oil deals with the United Arab Emirates in local currencies.There was a problem processing your submission. Please try again later.
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