In Another Potential Blow To Dollar Dominance, Kenyan President Urges Shift Away from Greenback In African Trade

• In Another Potential Blow To Dollar Dominance, Kenyan President Urges Shift Away from Greenback In African Trade
  by Michael Maharrey SchiffGold.com, via https://www.zerohedge.com/
  Dollar doubts continue to grow, threatening the greenback’s perch at the top of the global financial system. Last week, Kenyan President William Samoei Ruto suggested that African nations should shift away from using the dollar in intercontinental trade.
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  Ruto made the comments during an address before the Djibouti parliament, saying the two countries should abandon reliance on the dollar in trade.
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  How is US dollars part of the trade between Djibouti and Kenya? … Why is it necessary for us to buy things in Djibouti and pay in dollars? Why? There’s no reason.”
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  Ruto emphasized that he is not “against” the US dollar. We just want to trade much more freely.” He pointed out that the African Export–Import Bank (Afreximbank) provides a mechanism enabling traders on the continent to engage in trade using local currencies and said Kenya supports using a Pan-African payment and settlement system administered by the bank.
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  The Pan-African Payments and Settlement System (PAPSS) was launched in January 2022.
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