Emerging economies within the BRICS bloc and beyond voice concerns over the US dollar's dominance, its devaluing effect on local currencies and the use of its influence to impose sanctions.
Kenyan President William Ruto has expressed concern this year about Africa’s dependence on the dollar and the economic fallout from its ups and downs, while the Kenyan shilling plunges in value.
“How is US dollars part of the trade between Djibouti and Kenya? Why?” he asked at a meeting, to applause. “You’re going to need to borrow in dollars. Everybody can see all the problems with doing this, but if there was an alternative, people would use it.”Still, the dollar’s hold on global commerce has loosened somewhat in recent years as banks, businesses and investors have turned to the euro and China’s yuan.
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