Tanzania and Russia are advancing towards conducting trade using their national currencies, moving away from the US dollar. Andrey Avetisyan, Tanzania’s ambassador to Russia, announced the development to the Russian newspaper Sputnik, revealing that both nations’ banks are working on the transition. This shift, discussed during the Valdai Discussion Club conference in Tanzania, aims to use currencies like the Chinese yuan, Indian rupee, and Russian ruble for transactions with BRICS countries. The move aligns with Russia’s broader strategy to reduce dependency on the dollar for trade in Africa. The conference had over 40 specialists from Russia and East Africa in attendance and aims to shape future Russia-Africa relations. This initiative reflects a growing trend among BRICS nations to use national currencies in international trade.
SOURCE: BUSINESS INSIDER
Russia and Tanzania Move Away from Dollar in Trade
