Another Country Dumps Dollar, Tells Citizens To Get Rid Of Holdings Of U.S. Dollar and Switch to Yuan
The dollar as the main world currency is our pillar of strength and power. Look what Biden and The Democrats did to us.
IRAQ DROPS DOLLAR IN TRADE WITH CHINA
Kenya President Tells Citizens To Get Rid Of Holdings Of US Dollar, As Nations Dump The Dollar And Begin To Embrace Petroyuan
“I am giving you free advice that those of you who are hoarding dollars you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks.”
By: Jacob M. Thompson, WPN, March 2023:
It is no secret that the US Dollar is becoming less and less valuable by the day, losing its purchasing power at a rapid scale; and with the clear divide that has been created between the East and Western world due to the Russia-Ukraine war, many nations are growing sick and tired of the dollar and are now looking to dump it before it depreciates in value some more.
Click here to view the Infographic: A DOLLARS WORTH: Purchasing Power of the U.S. Dollar.
Now the President of Kenya is urging citizens and national investors to begin releasing their holdings of US dollars for the time being.
Last week President William Ruto says that wealthy investors in the country will incur losses if they are holding onto a lot of dollars because his administration launched measures that will ensure that demand for foreign currency will lessen in the weeks to follow, as reported by Africa outlet Digital Citizen.
‘President Ruto noted that one of these measures involved the State finalizing on an arrangement that will allow oil importers to purchase the commodity using shillings instead of dollars,’ the outlet explained. Gas imports account for 30% of the country’s yearly import bill.
Ruto explained that the State is working with the Central Bank of Kenya (CBK) to renew the interchange exchange market in order to further address the dollar crunch.
He said during a speech at the Nairobi Securities Exchange (NSE):
We just concluded a market-driven arrangement in our fuel sector that will see Kenya access all our fuel needs on a deferred six-month credit that will eliminate a demand of USD 500 million dollars every month from this market.
I am giving you free advice that those of you who are hoarding dollars you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks.
I am happy that the players in that sector including our banks are coming forward and they are participating and their working with the Central Bank so that we can again take charge of our market so that it is not distorted by brokers.
We have done what we must do as the government to ensure that we ease the burden on people who want to realize their returns in dollars.
President Ruto said.
Putin Mocks U.S. For Destroying Their Dollar
It is no secret that Russia has been dumping their holdings of US dollars for many years as they look for new currencies and nations to increase trade with.
In 2021 Russia had already dumped all their holdings of the dollar. At the time Kremlin spokesman Dmitry Peskov said in a statement:
The de-dollarization process is… taking place not only in our country, but also in many countries around the world, which have begun to experience concerns about the reliability of the main reserve currency.
Almost exactly one year to date, The WinePress reported in 2022 that Russia still is maintaining their plight of “de-dollarization” of the Russian economy, along with other European ones, as they move to increase trade with China and other BRICS nations and allies.
Finance Minister Anton Siluanov said at the time:
The American and European currencies are toxic for us. What should we do with them?
What do we need them for? That is, we are selling our own wealth – gas, while getting candy wrappers, toxic candy wrappers. Who needs them?
Following Chinese President Xi Jinping’s recent visit to Russia, Putin once again put the US dollar on blast during an interview on a Russian news outlet.
They saw off the branch they’re sitting on – I’ve been reiterating that – by limiting the use of the dollar based on momentary, situational considerations of political nature. They are harming themselves, and we might even add, they shoot themselves in the foot.
We would use the dollar, but they do not let us. How can we make payments? In a currency that is acceptable to our partners. The yuan is one of these currencies, especially since it is used by the International Monetary Fund.
Putin said in an interview with journalist Pavel Zarubin.
Putin added that ‘after the Russian gold and foreign currency reserves were frozen, all the countries in the world have wondered how reliable their US partners are,’ according to Russian outlet Tass. “And they have come to the conclusion that they are not reliable,” he noted.
In comparison, Putin gave praise to the Chinese yuan for trade and transactions.
Do you know that the Middle Eastern oil-producing countries have announced they want to use the yuan for settlements? We will be gradually expanding this and will be expanding [the use] of the reliable currencies.
However, each country is determined to strengthen its national currency, and all the countries will strive to do so. Therefore, no doubt, it is a big mistake on the part of the US authorities that they restrict settlements in dollars around the world for the countries they do not like for some reason.
RELATED ARTICLE: Saudis Consider Accepting Yuan Instead of Dollars for Chinese Oil Sales: Report
EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.
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