https://en.sputniknews.africa/20230727/south-africa-seeks-alternatives-to-use-of-muzzling-down-greenback-official-says-1060842641.html
South Africa Seeks Alternatives to Use of 'Muzzling Down' Greenback, Official Says
South Africa Seeks Alternatives to Use of 'Muzzling Down' Greenback, Official Says
Sputnik Africa
At the Second Russia Africa Summit on Thursday, Dilma Rousseff, head of the New BRICS Development Bank, said that the bank is interested in expanding the use... 27.07.2023, Sputnik Africa
2023-07-27T19:22+0200
2023-07-27T19:22+0200
2023-07-27T19:22+0200
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It is necessary to find an alternative to the use of the US dollar in trade, which is now being used as an instrument unfriendly to BRICS goals, Nomvula Mokonyane, First Deputy Secretary-General of the South Africa's ruling party African National Congress (ANC) told Sputnik Africa.According to the official, South Africa and ANC needs to "consider alternatives" to the use of the American currency in trade.In this vein, Mokonyane argued, that the BRICS bloc is promising in this direction, which gives a chance "to be able to trade together without actually being forced to relate on a currency that is not even friendly to our own intentions."The de-dollarization drive is gaining momentum both on and off the African continent.A strong proponent of the idea of a shift to national currencies in trade is Kenyan President William Ruto, who has repeatedly questioned the need to use the dollar in intra-African trade.From a broader perspective, the BRICS countries are also debating the creation of a single currency for the bloc to move away from the US dollar. On July 26, on the eve of the Second Russia-Africa Summit, Russian President Vladimir Putin said that settlements in national currencies among BRICS countries are on the rise.
https://en.sputniknews.africa/20230721/western-financial-institutions-hinder-africas-development-kenyas-ruto-says-1060675657.html
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South Africa Seeks Alternatives to Use of 'Muzzling Down' Greenback, Official Says
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At the Second Russia Africa Summit on Thursday, Dilma Rousseff, head of the New BRICS Development Bank, said that the bank is interested in expanding the use of national currencies in settlements to bolster the markets of the bank's member countries.
It is necessary to find an alternative to the use of the US dollar in trade, which is now being used as an instrument unfriendly to BRICS goals, Nomvula Mokonyane, First Deputy Secretary-General of the South Africa's ruling party African National Congress (ANC) told Sputnik Africa.
"It just doesn't make it correct that for any trade relationship you will have to depend on another currency outside of a relationship," Mokonyane said.
According to the official, South Africa and ANC needs to "consider alternatives" to the use of the American currency in trade.
In this vein, Mokonyane argued, that the BRICS bloc
is promising in this direction, which gives a chance "to be able to trade together without actually being forced to relate on a currency that is not even friendly to our own intentions."
"So why do then we have to be dependent on a currency that is used to muzzle down our own intentions of inclusive growth as well as contributing towards a better world?" she remarked.
The de-dollarization drive is gaining momentum both on and off the African continent.
A strong proponent of the idea of a shift to national currencies in trade is Kenyan President William Ruto, who
has repeatedly questioned the need to use the dollar in intra-African trade.
From a broader perspective, the BRICS countries are also debating the creation of a single currency for the bloc to move away from the US dollar.
Brazilian President Lula da Silva earlier said that Brazil intends to raise the issue at the bloc's upcoming summit in South Africa in August, a move supported by Russia as well.
On July 26, on the eve of the Second Russia-Africa Summit, Russian President
Vladimir Putin said that settlements in national currencies among BRICS countries are on the rise.
