Kenya revives push by African nations to ditch the dollar

Banks increased their issuance of loans in foreign currency amid the recent local forex market dysfunction. PHOTO | SHUTTERSTOCK

President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar by signing up to a pan-African payments system to facilitate trade within the continent.

Dr Ruto has urged his peers in Africa to mobilise central and commercial banks to join Pan-African Payments and Settlement System (PAPSS) which was launched in January 2022.

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