African countries are embracing the Russian rubles at the dollar’s expense. Using other currencies rather than dollars for international trade is becoming the order of the day. Report States that Russia and BRICS groups who are in partnership with African countries, are at the forefront of this movement.
The report from Sputnik Africa indicated the rise in the use of Russian currency for trade between Russia and Africa has more than doubled since 2022.
Presently, information disclosed according to the Central Bank of Russia says the percentage of the use of Russian rubles spiked in 2023 for international trade across various continents such as Africa, the Americas, and Asia compared to the previous year.
The percentage of Russia-African trade transacted in rubles in 2023 came in at 88.1%, twice that of 2022 at 21.9%. The Russian Central Bank also reported a substantial increase in ruble settlements in other regions outside of Africa, including with American countries.
The percentage of rubles during American and Russian trade rose from 22.7% to 35.1%. This also applies to Asian nations, with a notable increase of 20.5% to 24%.
Statistically, there has been a drastic decrease in the percentage of payments made in hostile currencies (such as the US dollar, euro, and others) from 45.1% to 20.5%. The shift toward local currency transactions represents a turning point and further fosters the development of the world economy. For the foreseeable future, the dollar will continue to dominate international banking. However, the emergence of local currency trading indicates a more significant move towards a more decentralized and multipolar monetary system.
It will also promote inter-personal relationships among various countries across the continent.
