Tag: dollar

17Oct

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International news

Kenyan Shilling weakened To Record Low

The Kenyan shilling weakened to a new low against the dollar , according to LSEG data. At 1015 GMT, the shilling was trading at 149.35/55 per U.S. dollar, compared with Friday's closing rate of 149.20/40, the data showed. The shilling, which has lost 17.4% of its value against the dollar since the start of the year, touched an all-time low of 149.40/60 earlier in the session. Typically, demand for dollars comes from the energy and manufacturing sectors.

Pwani Oil Shuts Down Cooking Oil Plant Over Shortage of raw materials

6Jun

By adminNo Comments

local news

Pwani Oil Shuts Down Cooking Oil Plant Over Shortage of raw materials

Leading cooking oil manufacturer Pwani Oils has temporarily shut down operations due to what it says is a shortage of raw materials as a result of challenges in accessing dollars to pay suppliers. According to the manufacturer of Fresh Fri, Salit and Fry Mate cooking oils, its bankers are processing merely half of the dollar requests it needs to pay suppliers of crude palm oil from Malaysia. “Getting sufficient amount of dollars required to support the factory in terms of getting sufficient raw materials is not happening,” Business Daily quoted Pwani Oil Commercial Director Rajul Malde as having said on Friday. “We are not even running the plant right now because of lack of raw materials [crude palm oil].” Pwani said the situation had further been worsened by a global stif...