Nairobi, March 7 -- Five local banks have been picked to issue letters of credit of up to Sh614.89 billion ($4.8 billion) for fuel that Kenya will import on credit from the United Arab Emirates over a nine-month period.

Disclosures, the Business Daily has seen, show that KCB, NCBA, Absa Bank Kenya, Stanbic Bank and Co-op Bank made the list alongside Africa Export-Import Bank (Afreximbank).

Kenya will from next month start importing diesel, super and jet fuel on credit for 180 days in a deal that government officials say is meant to ease a growing crisis in the foreign exchange market.

The six banks will issue letters of credit to the oil marketer (s) that will be picked by the government to enter into an import deal with oil dealers fr...