Trade and Financial Services Round-Up

  • 16 Feb 2024
  • 2 Mins Read
  • 〜 by Anne Ndungu


Gulf fuel products import scheme lifts Kenya banks dollar holdings

The government-to-government deals on the importation of fuel products have increased the dollar reserves of banks, fuelled by a requirement that they accumulate hard currency to support payments under the scheme. Kenya entered the deal with Saudi Aramco, Abu Dhabi National Oil Company, and Emirates National Oil Company in March 2023, designed to manage demand for dollars, switching from an open tender system in which local companies bid to import oil every month (Business Daily)



Kiruswa: Tanzania has almost all rare minerals

Tanzania has almost all the critical minerals which the world is looking for. It needs proper investment for effective exploitation, the Deputy Minister for Minerals, Dr Steven Kiruswa, has said. He said the government under President Samia Suluhu Hassan has been constructing enabling infrastructures, including roads, ports, railways, airports and electricity, to ensure all areas where mineral resources are situated are accessed. (Daily News)



Labour export earned govt UgShs 25bn in two years

Government earned UgShs 25 billion from exportation of migrant workers in the two years to 2023, Ministry of Gender data indicates. The money was largely earned from expression of interest fees, accreditation, job orders (local and foreign) and license fees. (The Monitor)



Rwanda’s mineral exports rake in record high $1bn in 2023

Rwanda’s mineral export revenue in 2023 increased to more than $1.1 billion, up from the $772 million recorded in 2022, representing a growth of 43 percent, according to the mining board.

This is a step closer to achieving the government’s target of generating $1.5 billion in annual mineral export revenues by 2024. (The New Times)



Ethiopian Shipping and Logistics gains Birr 27 billion in six months

Ethiopian Shipping and Logistics (ESL) collected Birr 27 billion in six months of the fiscal year, as announced by the organisation. The Chief Executive Officer of ESL, Dr Beriso Amelo, acknowledged the challenges faced by the institution five years ago but emphasised the significant progress achieved during the reform process, particularly in improving efficiency. (2merkato)