Shift of African nations, Russia to payments in national currencies boosts their positions
Angola, Zimbabwe, Mozambique, Nigeria, Uganda, Ethiopia and South Africa are among the countries that are the most prepared to shift to national currencies in trading with Russia, an employee of the African Development Bank told.
The transition of Russia and African countries to national currencies in mutual settlements for supplied goods and services will help strengthen their financial systems, increase competitiveness and stimulate economic growth, an employee of the African Development Bank told TASS.
"Increased demand for currencies of African states will become a strong impetus to make them stronger and an efficient tool to combat the inflation currently being observed in many economies of the continent," he said. Angola, Zimbabwe, Mozambique, Nigeria, Uganda, Ethiopia and South Africa are among the countries that are the most prepared to shift to national currencies in trading with Russia, the employee noted.
"South Africa and Nigeria are the leading industrial powers in Africa. Their business communities are highly interested in developing business with Russia," he noted, adding that it is too early to speak about a timeframe for the transition to national currencies.
Source
The transition of Russia and African countries to national currencies in mutual settlements for supplied goods and services will help strengthen their financial systems, increase competitiveness and stimulate economic growth, an employee of the African Development Bank told TASS.
"Increased demand for currencies of African states will become a strong impetus to make them stronger and an efficient tool to combat the inflation currently being observed in many economies of the continent," he said. Angola, Zimbabwe, Mozambique, Nigeria, Uganda, Ethiopia and South Africa are among the countries that are the most prepared to shift to national currencies in trading with Russia, the employee noted.
"South Africa and Nigeria are the leading industrial powers in Africa. Their business communities are highly interested in developing business with Russia," he noted, adding that it is too early to speak about a timeframe for the transition to national currencies.
Source