Central Bank moves to end dollar dominance in African trade deals

Central Bank of Kenya Governor Kamau Thugge when he previously appeared before National Assembly Public Accounts Committee at Parliament. [File, Standard]

President William Ruto's quest to free Kenya and other African countries from the dominance of the US dollar and other foreign currencies in trade transactions has started in earnest.

This is after the Central Bank of Kenya (CBK) formally opened discussions to join an Africa-wide cross-border payment system billed as a panacea to the dollar shortage crisis facing Kenya and other African economies.