Browsing: de-dollarisation

local currencies local currency Tanzania-India relations India-Tanzania relations
  • Tanzania and India have agreed to trade in local currencies weaning off the use of the US dollar.
  • There are advantages of using local currencies in trade versus the traditional dollar.
  • Tanzania and India have also agreed on military, maritime, and space technology cooperation.

India’s Ministry of Foreign Affairs Secretary Dammu Ravi has met with Tanzania’s President Samia Suluhu Hassan with reports emerging that the two leaders have among other things, agreed to trade in Rupees, the sub continent’s local currency.

The decision implies that the two countries, with long-running business ties, will effectively wean off using the king dollar as their ‘gold standard’, instead embracing the Indian Rupee as their common currency in exchange for value.

“When international transactions are denominated in local currencies, countries can avoid currency fluctuations and the associated risks. This stability helps to mitigate exchange rate volatility, reducing uncertainty and facilitating more accurate planning

BRICS Summit 2023

The BRICS countries bear a profound responsibility amid a shifting global economic axis. They have the extraordinary chance to reshape the world order, bestowing more significant equity and amplified voice upon the realms of the Global South.

A defining moment in the global economic axis awaits as the BRICS Summit 2023 gathers in South Africa. It signals the member countries to seize this opportunity to shape an unprecedented global economic governance system, an inclusive, all-encompassing, and efficient system.…

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Zimbabwe's gold-backed digital currency

In May 2023, Zimbabwe released a gold-backed digital currency for peer-to-peer and business transactions. It acted as a store of value as the Zimbabwean dollar continued its steep depreciation. International gold prices controlled by the London Bullion Market Association will dictate the local pricing of Zimbabwe’s digital currency tokens.…

currency weakness
  • The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.
  • The Shanghai Cooperation Organization (SCO) is working towards trading in their own national currencies.
  • Roughly 40 percent of international trade transactions in goods are invoiced in dollars

The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.

Should the common currency be formed, it will be based on a basket of the currencies of the BRICS countries; the Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real, and the South African Rand.

Russian Foreign Minister Sergey Lavrov has on several occasions announced plans by the BRICS countries to unify their currencies and untangle themselves from dollar dependency.

At a media conference during his Africa tour at the start of …

Russia to save Africa from a strong dollar

Official data has shown that the cost of transacting in international currencies is often 2 or 3 per cent higher than dealing in local alternatives. The higher cost often creates significant international trade obstacles. Ultimately, the progressive decision-making of the Russian government could save Africa from the damaging effects of a strong dollar. Consequently, international trade will become accessible to businesses in Africa. This will boost economic growth in the respective partner countries.…

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