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{
    "id": 1342550,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1342550/?format=api",
    "text_counter": 153,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary for National Treasury and Economic Planning",
    "speaker": null,
    "content": "payment system is currency-neutral. The trend is attributed to the crisis in Ukraine and the sanctions in Russia that elevated inflation in USA, reduced the new returns on the dollars and created the global dollar shortage. The USA dollar accounts for about 59 per cent of the global foreign currency trading, which is different from what it was before. It was around 62 per cent, as shown in the pie chart figure summarising that. We will continue showing that, especially in the African Continental Free Trade Area (AfCFTA). Countries in Africa are looking for payment system that is currency-neutral. That means that the trading will take the weight of the currency in question, but it will not affect the trading. That is where de-dollarisation is taking us. In effect, the fear of dominance of the USA dollar is leading us to payment systems that are currency-neutral which are equivalent to de- dollarisation. Countries like China and India are popularising their currencies to provide an alternative liquidity channel through which trading will take place. In the end, what we are going to see is a payment system globally that is currency-neutral. Thank you, Hon. Speaker."
}