Create

Dollars

Rupee

Read

<div class="watcher-guru">
 <p>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.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Advancing To Create Non-US Dollar Oil Trade</strong></p>
 <p>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.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p><strong>“Why is it necessary for us to buy things from Djibouti and pay in dollars? There’s no reason. If we are selling from Kenya to Djibouti, we have to look for U.S. dollars. How is the dollar part of the trade between Djibouti and Kenya?”</strong> questioned the President.</p>
 <p><strong>Also Read: Russia Makes Huge Announcement on BRICS Currency</strong></p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <h2 class="wp-block-heading" id="h-brics-african-nations-might-accept-brics-currency-sideline-us-dollar">BRICS: African Nations Might Accept BRICS Currency, Sideline US Dollar</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="900" height="600" src="https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp" alt="us dollar currency bill economy usd" class="wp-image-113998" srcset="https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 900w, https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 300w, https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 768w, https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 380w, https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 550w, https://cdn.thebittimes.com/images/2023/11/05/b337b3142c2309a50e4682de87b45b5e.webp 800w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption">
   Source: Forbes / iStock
  </figcaption>
 </figure>
 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> aims to launch a new currency in the coming years and challenge the U.S. dollar’s global reserve status. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> wants to replace their new currency as the global reserve and uproot the U.S. dollar’s prospects. While South <a rel="noopener noreferrer nofollow" title="Africa" href="https://thebittimes.com/tag/africa.html">Africa</a> is the only <a rel="noopener noreferrer nofollow" title="Africa" href="https://thebittimes.com/tag/africa.html">Africa</a>n country in <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>, Kenya could join the bandwagon after a new currency is launched.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: India Can’t Dump US Dollars Anymore To Keep Rupee From Crashing</strong></p>
 <p>Chances are that once Kenya enters the de-dollarization initiative, it could inspire several other <a rel="noopener noreferrer nofollow" title="Africa" href="https://thebittimes.com/tag/africa.html">Africa</a>n countries to follow suit. Moreover, if more countries join hands to end dependency on the U.S. dollar, the greenback could begin to decline. The U.S. dollar will remain under pressure and the effects could hit the American economy hard.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>Africa</li>
  <li>BRICS</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-african-countries-to-ditch-u-s-dollar-embrace-new-currency-tbt69126.html">https://thebittimes.com/brics-african-countries-to-ditch-u-s-dollar-embrace-new-currency-tbt69126.html</a></p>

BRICS: African Countries to Ditch U.S. Dollar & Embrace New Currency?

Table of Contents

TheBitTimes

Autres articles publiés le 5 nov. 2023

Chatbots and the Concerns Surrounding Biological Weapon Construction

Shiba Inu Gains, But Remains Below The Resistance Level Of $0.00000820

FLOKI Sees $54.4 Million Locked In Its Staking Platform

ARK Invest CEO Cathie Wood Reveals Her Choice Between Bitcoin, Gold or Cash

Top assets to watch this week: EGLD, SOL, ARB

UniSat Wallet Resolves Transfer Issues for Smooth Transactions!

Join our free newsletter for daily crypto updates!