BRICS: African Countries to Ditch U.S. Dollar & Embrace New Currency?
BRICS is inspiring several developing countries in Africa to ditch the U.S. dollar and trade in their respective local currencies. Kenyan President William Ruto urged African nations to stop using the U.S. dollar for cross-border transactions with other countries. Ruto stressed that the U.S. dollar should be paid with trade deals conducted with the U.S. only and not other nations. The Kenyan President explained that trade deals with other countries should be made with local currencies and not the U.S. dollar. Also Read: BRICS Advancing To Create Non-US Dollar Oil Trade Ruto’s speech made him garner a standing ovation at the parliament with other leaders praising his ideas. The move indicates that African nations now remain on the sidelines and could ditch the U.S. dollar when the new BRICS currency makes its way into the global markets. Read here to know how many sectors of the U.S. will be affected if BRICS stops using the dollar for trade. “Why is it necessary for us ...
