In a speech, Kenyan President William Ruto urged African nations to stop using the dollar in their foreign trade. As the nation works to join BRICS and accept the new currency, MPs applauded the address. Kenya “has no reason” to settle commerce between African states in dollars, according to Ruto. He emphasized that the Kenyan Shilling, their indigenous currency, should be the choice of tender for international dealings.
The President made it clear that he does not oppose the dollar but instead Favours the promotion of national currencies in order to boost regional economies. According to Ruto, while doing business with the US, cross-border payments should be made in USD. The Kenyan Shilling or the local currency of the exchequer should be used, nonetheless, for all other nations.
Kenya adopts a BRICS stance and may abandon the US dollar.
The African Export-Import Bank (Afrexim), according to the president of Kenya, is developing a platform that will enable African traders to settle payments in local currency. As a result, the American dollar may no longer be used in transactions between African nations.
“We need to hunt for US dollars if we are exporting from Kenya to Djibouti. What role does the dollar play in trade between Kenya and Djibouti? Today, we claim that the African Export-Import Bank has provided a system through which businesspeople on our continent can transact in goods and services while the bank settles payments in local money. Kenya supports the pan-African payment and settlement systems run by our own organization, the Afrexim Bank, for this reason.
Ruto said, “Why do we have to purchase everything from Djibouti and pay in dollars? There is no rationale. We just want to trade much more freely; we have nothing against the American dollar. Let’s purchase from the United States and pay with dollars. Let’s pay for the items we are purchasing from Djibouti with our own currency.
