Egypt: Why Egypt Must Pay for Tea in Dollars At Mombasa Despite Currency Rejection

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.

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.

“The dollar is the sole currency accepted for trade at the auction, and there…