The Bank of Zambia (BOZ) has announced a de-dollarization plan for domestic transactions across the country. The bank aims to enforce existing laws designated to uplift its local currency, the kwacha as the sole legal tender. The plan shows that the kwacha should be the only currency for domestic transactions and not foreign currencies, including the US dollar. The move is straight out of the BRICS playbook of de-dollarization, where the US dollar is pushed to the back seat.
The BOZ is also seeking inputs from stakeholders who oppose the plan of keeping the US dollar on the back seat. After careful consideration, the BOZ will soon conclude how to uplift the kwacha in the global markets. Chances are high that the kwacha will be made the sole legal currency for domestic transactions. BRICS has inspired Zambia to ditch the US dollar and many more African countries could follow suit.
The de-dollarization agenda is accelerating in 2024 and could gain steam in this decade. The next 10 years will be challenging for the US dollar as BRICS is looking to bring the currency down from the worldโs reserve status and put local currencies in the lead.
Read the original story on BRICS NEWS
TIPS
Growing relations between Israel and Ethiopia: between military deals, intelligence influence, and an eye on Egypt
The Wars We Still Can Stopย
Ethiopia: Israel Foreign Minister Says His Country Wants to Be Part of Ethiopia’s Success
A Nation Silenced: How the 1993 Referendum Stripped All Ethiopians of Their Sea
The 1976 TPLF Manifesto: TPLFโs โRepublic of Greaterย Tigrayโ
Away from the global spotlight, Eritreans are trapped in a garrison state
Testimonials of a Sudanese Intelligence Officer on the Proxy war between Sudan and Ethiopia from 1970s to early 1990s
Ethiopia-Eritrea Tension: A Volatile History that Never Truly Ended โ Could Assab Become Africaโs Crimea?
“As an outlier among the five tplf leaders, I wasnโt part of the armed struggle tradition”
Former Tigray fighters say no to war
Donโt Risk Your Future: The United States Cracks Down on Illegal Immigration
Counter-Video by EBC Challenges EBS Broadcast, Sparks Public Outcry Over Alleged Misinformation
Ethiopia and Eritrea Slide Closer to War amid Tigray Upheaval
Sea Outlet Serious and Unabated Agenda for Ethiopia: Retired Lieutenant General Yohannes
Israelโs Peace With Egypt Is Starting to Crack
Egyptian, Eritrean FMs reject involvement of non-bordering countries[Ethiopia] in Red Sea security
