BRICS: US Dollar Losing Dominance Against Kenyan Shilling
Kenyan President William Ruto echoed BRICS sentiments recently calling for Africa to ditch the US dollar and trade in local currencies, including the Shilling. Ruto delivered a speech in the Kenyan parliament urging Africa to put local currencies ahead and not the US dollar. The President indicated that the Kenyan Shilling will be used to settle cross-border transactions within Africa to end dependency on the US dollar. Also Read: BRICS Provides Update On The New Currency Ruto’s speech was met with a standing ovation by lawmakers who agreed to give prominence to the Kenyan Shilling currency. The President is using the playbook of BRICS by pushing the Kenyan Shilling ahead of the US dollar. Months after the de-dollarization push, the Kenya n Shilling has outperformed the US dollar in March 2024 by a large margin. The US dollar is losing grip against the Kenya n Shilling as the local currency touched 134 in the exchange rate. The local currency is steadily climbing up t...