Africa striving for local currency usage in continental trade

STORY: Africa striving for local currency usage in continental trade DATELINE: March 31, 2023 LENGTH: 00:01:22 LOCATION: Nairobi CATEGORY: ECONOMY SHOTLIST: 1. various of the meeting 2. various of street scenes in Africa STORYLINE: The African Continental Free Trade Area (AfCFTA) is striving for the usage of local currencies in trade among countries in the continent, an official said Thursday. Cross-border trading among countries in the Economic Community of West African States is already happening through the use of local currencies instead of the use of U.S. dollars, said Wamkele Mene, secretary general of the AfCFTA Secretariat, on the sidelines of a trade forum in the Kenyan capital of Nairobi. "We now want to expand to other regional blocs including the East African Community which is in talks with the African Export-Import Bank," Mene said. He said that the cost of currency convertibility due to the use of U.S. dollars in trade among African countries is close to 5 billion dollars annually.

• Product Code
• ILEA001257676

• Registered date
• 2023/3/31 00:00:00

• Credit
• Xinhua / Kyodo News Images

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• Xinhua News Agency.All Rights Reserved

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• 1920 × 1080 pixel

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