Use of foreign currencies in Intra-African trade costs Continent About $5 billion annually: Expert
SPUTNIKThe Pan-African Payment and Settlement System is a centralized payment system for African trade in goods and services. It was launched in January 2022 by the African Union and the African Export-Import Bank. The use of foreign currencies such as the US dollar in intra-African trade costs the continent about $5 billion annually, Dr. Melaku Geboye Desta, Coordinator of the African Trade Policy Centre (ATPC), made the statement citing Afreximbank data while speaking to Sputnik Africa on the sidelines of the 57th session of the ECA Conference of African Ministers of Finance, Planning and Economic Development in...