says that your clearness, fighting a proxy law, the phone, russia, and your say each of d dollar was ation has begun. it's time for a global we said, africa has grown weary of wisdom, dominance, and foreign currencies. the search for alternatives to the dollar, and frank is gaining momentum, accelerated by the conflict in ukraine, which brought home some hard truths. hello and welcome to the sweets africa now. so we're coming to you from the heart of south africa's financial district and the most expensive way now in africa. behind me is the johannesburg stock exchange, which is fitting for program, exploring africa search val turnitin, to western currencies. the french frank and the u. s. dollar have long played an out sized role in global markets. the cracks are starting to appear. african countries and central banks are not holding these currencies in the reserves to the

extent that they once stood rick's countries, in particular, brazil, russia, india, china, and south africa are working on moving away from dollar based economies as they take greater ownership of their interests and other nations are warming up to the idea as bricks? ambassador annual so cool explains, must ambassador, thank you so much for having this interview with us on africa. now, one of the topics we've been looking at is an alternative currency to the american dollar. would you describe the bricks, development bank as that been part of its vision? well, look her firstly, thank you for having me. i think the issue of attendance of currency has come to the fall in recent times as a result of the russia, your current situation. and the unit actual sanctions and all of us have been impacted by that,

especially in the financial sector. because of the domination of us dollar, in terms of global trade and over financial transactions. we have been talking about this for sometime within bricks that we should be able to trade and interact with an own currencies. we should be able to borrow from our n d, b with an own currencies. and this is happening. you would have seen that in the annual report of the president of the bank last year, outlining the vision of the bank 2020 to 2026. that at least 30 percent of lending will now be in local currency. and i think that's a major step forward in terms of our bank diversifying it's lending portfolio. so the building blocks of us relying more on our own currencies and willing ourselves away from just one or 2 currencies. i think that has always been

the vision of bricks and i think the circumstances prevailing as a result of the may lead to sanctions and the pain, all of us are feeling not just bricks countries, but especially developing countries. it makes perfect sense, and that's why you see this is not a conversation just amongst bricks countries, but the conversation amongst the larger global soft, we still have a few countries that want to be the global edge a month. and that is what the resistance we don't want one or 2 countries determining all future. we want to be able to sit collectively with all the powerful they're not so powerful. and also those that don't have the necessary and elements to sit at the high table. the un, when we make lofty speeches as global leaders, that we must be inclusive, we want to build an inclusive global community. but when it comes to the crunch in practice, we see something totally totally different. and it is the countries of the global

south countries of africa. the early see is the small island states that the most as a result of these selfish actions by a few on the many he mention to use your words, the pain of developing countries. these are the sanctions. can you elaborate a little bit on the well look what the sanctions did to us. it created a crisis on the global markets. we had the rise in inflation. levels of inflation unseen for indicates were seen depreciation of currencies. we have seen the fluctuation of currencies, and we have seen how this is also causing pain to the ordinary person in terms of food security. in terms of energy security, in terms of global supply chains been disrupted in terms of,

of the investments into our countries. these are being impacted as the result of unilateral sanctions. so the union lateral sanctions is not hurting one country that is directed to what it will live in an interconnected globalized load. the action of, of one is impacting on nearly all of us in a very negative way. i had this idea that the bricks development bank was going to come up with one currency, almost like a books currency. but when i listen to you, what i understand is, it's not necessarily going to be one currency. it's going to allow countries to trade in their conrad currency. so we will have a whole host of comments. we have a basket of currencies, but we want the bus going to be probably best to include the currencies of the developing world, including the bricks, countries and not dominated by 2 or 3, as just as it is thus far. and going into the future,

the world has changed. rifts is not in competition with any grouping or any part of the world. what bricks is asking for is let's every, the playing field, the playing field of 1945, when the united nation system was formed is vastly different. most of the countries of the lifting world in 1945, we're still under colonial road. and we use, we are saying we need to reform in culver multilateral system and therefore we are saying this is the major thrust of bricks. and that's why we finally have them into the global stock because the global thought countries, new fields filling marginalized and the decisions are taken for them rather than them being part of the decision making. and that's what we are saying. we want a marty polo world and marty's civilization or world, a world where all of us are respected and

o inputs and views are valued and that we are part of decision making. all we witnessing the decline of the dollar. well, you should be able to answer that question. it's all over the, the government via more and more countries, the fact that countries and these major emerging market developing countries like india, china, i've seen some of the middle east in countries are now also moving in that direction, trading in the own currencies. what does it say that more and more countries are saying that they want choices and they want to be able to trade in their currencies? so i think you're going to see more of this rather than less, which is say the, the roof you're talking about is a safer and more diverse option for countries to invest in rather than in the us dollar. and i'm talking specifically african countries. well, look, i think we want a diversified busked because you can't put all of your eggs in one basket because

when you have a crisis and those excess cooking, you are there. but if you are diversified, you still have a safety net. and i think this is the direction the world is moving and not just in restructuring the global financial architecture, including in the way we conduct business between ourselves as, as governments and as private sector. but also in terms of a more equitable distribution of what is happening on the global stage, on the political security, financial, economic saving architect altogether, what countries would still prefer to maintain the status of the us dollar? well, i would think that the allies of the us had one that but what we are seeing in the global south, and maybe i could use the example of bricks expansion. interestingly,

we were the 1st country to benefit from brooks expansion because we were not there the launch of bricks we joined for the 1st time at the 20 live in summit in sunny and jana. and over the years they've been one or 2 countries each year saying they're in joining last year. last year you had over a dozen countries from the global self. and i mean, major emerging market developing countries, formerly writing or informally approaching bricks. leaders saying they want to become members of bricks. now why sudden rush like the sudden rush. good, obviously we're doing something right in bricks, in terms of what we are focusing on in terms of what we are championing in terms of creating a more equitable, inclusive, transparent, and global governance architecture. so i think that that clearly illustrates that

the briggs leaders moving in the right direction in terms of new global order and new global community. we'd like to see, i think, you know, as much as it is spent 4 times. it's also a time for us as he international community to be creative and work towards peace because that should be the underlying aim for all of us. we want a peaceful, global order, but unfortunately, what we are seeing is a and this is what is causing the dissertation and conflict in the world. is a few nations wanting to be the head a month off, international community, and that's not going to happen. the world is vastly changed as i said, you have major developing countries, india and china bricks a console, 40 percent of the global population. we are 40 percent of the global population. we

are 25 percent of global g d p. and again, just referring to jeffrey sex, jeffrey sex pointed out that the bricks economies is bigger than the g 7 economist today. and brooks continues to grow. you saw the i m f world bank predictions in terms of global growth this year. europe is in serious crisis, some may even go into recession. china as expected to grow, at least between 5 and 6 percent in there, is expected to go 6 percent plus. and despite the challenges in russia, russia is also expected to have positive growth. so he's a brazil, i think you are seeing a research in brazil under president lula as one of the men architects of bricks. so i think that's also good news for bricks. and of course, south africa. it's not just about africa for us. bricks is also about africa. so yes it's, it's, and i think it's an opportunity to be sharing bricks. it's difficult, dear. what is the oh, for paternity i see it as for genetic bricks and on that positive. no,

thank you so much for joining us. and for giving us of your time. my pleasure. thank you so much for the momentum. i'm enthusiasm for which grows it's not limited to the financial but it's also impacts in other industries. the world's only film festival that place is a special focus on bricks. countries is making a comeback this year. it's yeah. at the university of 200 big in south africa. its focus is on shaping the future and forming the bus partnership and strong type amongst bricks, countries, the festival showcase as long and short films, exposing produces to international audiences, setting the tone for future collaborations that briggs broke off countries don't have much p r to do okay, france needs be, are, you know, i mean it's got, it needs come into little 1st of all american, these dos because, you know, because they got on brutalize and people. so it's easier for them to find things

that make them look good. but you come to set up and say, find me to create a concrete on oscar. it's like what for we got to feed people who are going to build roads or so just being around design is quite an achievement because it's not a priority year. we're not busy trying to do that said i still think good countries should also have good p r so that they remind each other that you know they've got things beyond i just politics and stuff, but at this stage it's a harder cell. how do you get to sell your firm in america? if you become a foreign language women, oscar, maybe you get a few more screens, but dead, the lie is come to us to get your phone going. but the truth is, you're not gonna get much if you go there. so if we start to collaborate more, have more screens of our own. that will do is we put our own film cinema in charge right for people to watch them. maybe grow really big business as an economic block

in a geo political block. the idea of losing financial means and local currency. it's a 3rd of 18 across the continent. we hear from no one who can get from johannesburg . it's clear that western kinds, these are starting to this value and the strain within most african countries. and this is near to be desire amongst many africans to start seeing value and support their own currencies. we ought to gain the sphere of janice for africa when most heat is in this country, or from many parts of the african continent, and where these currencies and not a foreign thing with oh, was the buffalo. now even those that african currency is that the rad we, as africans, we understand the value and the way to that it's currently africa carries zimbabwe

. mother currency mission saw louis kings is involved with many africans and are starting to see the importance and the value of their own parents. but not everyone with having many currencies in one country would actually mess up our economy. okay. so we need one currency, whether it being crypt, the currency, but we need one currency for the whole of africa, not just south africa. it's the only question that remains is of what can be done to make sure that we maintain and uphold our own currency to the same level as we've been coming from r t. r not we'll call and get into hands. but among the most prominent african countries moving away from traditional colonial plates, currency is south to dan. interestingly, the international monetary fund has expressed support for the tuba government efforts to curb the u. s. standards dominance and local transactions and contracts

. as part of move aimed at maintaining the high cost of living as a sauces, any citizen, i am requesting that in all our businesses and exchange practices. we must use our local pound because we have a currency that represents us. every way you go, people are using the dollar in hospitals in market every way there needs to be a solution, but i don't know what the solution is here. but surely, we should be able to use our own currency that makes sense for the lives of cells to the new people for the searches and those kind of see that a lot. we don't want that anymore. use a local currency. whether enable us to do more market activities will need to change from i got to anything else. so using a local currency would be very important. the key to moving away from the dollar

lies. yeah. the good news is that african countries and already taking significant, it was easy. financial payments and pizza, him for mobile pay says why healey, for money, is a mobile phone base transfer payments and micro financing service. our taxi driver took us for a drink and explained how it works in a day. that's more important than exactly. do you all a taxi driver? yeah. how has some here to help you in your job? it has been convenient because i'm able to give change to my client base and all one time i walk out of the car to go and look for change to for my plant. you get the change. yeah. because if you pay me through and you can pay through me, continue to cause i give you a change on in person. so it has mid transaction cities and also to save time and

pay for unfair for much for taking out some drink yoke. and i appreciate you paying, you're most welcome. so this to number is the one who comes in, they said those will be through this team member. so this is not the case number for the restaurant for this list. ok, so you come to your phone, we're going to go to my in pisser and my phone which is an app which is not. and then from barely pin and pesa really quick can pin director to go directly to your to the account. they want me to pay that if they are count by mouth, in our case, no, we are going to to this the ocean by, by a good and services because you're buying these for the good. so i'll touch on bag with and surfaces amino antilles to number. it will give me the option to enter the amount. okay, 90900. and then i would say ok. and then it will give me an option for

my, my own pin that will set the pin that i should not even if you went before so masking, you shall not look. so it see even if they still my phone. but you have to have a cell phone, you have to holler cell phone now. and does everybody, can you have a cell phone? yeah, i have to almost have it on half a cellphone in the household, if it, but has a cellphone. so even a mexico communities, you might not have money in open pace account which will have a cellphone with an impair. sec. yeah. can you show us can you can pull it through their confirmation. so now we've paid. yes, you're paid. thank you so much for your service and sometimes it's really nice. yeah, most of the energy. okay. thank you for for a long time, african countries have struggled with infrastructure problems which have made financial services less accessible in the move away from western currencies. a

growing number of countries are now looking at crypto currency as a viable alternative. if you can just start by explaining to us what exactly crypto currency is, because a lot of people talk about the block chain, but coin and a theory. him what exactly are we talking about? so cooper currencies are independent currents is going to big for them as any other currency. for the 2nd big car, for example, you can think of it as the u. s. dollar. the same way you can think about the south african rand or the russian rolo, the difference fees. cooper currents is arnold attached to any country. now, why do you think african countries are taking this particular route? it would just say african countries are trying to wean themselves off western currencies, perhaps so african countries have always had a disadvantage when it comes to currents is because we rely on the u. s. dollar and

several other foreign currencies in which these currencies are printed by the western countries. and also the payment infrastructure is controlled by their so the payment was make it, make it impossible for a lot of africa to transact at global level. i'll give you a simple example each and every african has a difficulty simply interacting with the neighborhood. like africa is the most disconnected continent in the war. like it's so expensive to send money from one country to the neighboring country. or would you say that african countries are trying to wean themselves off western currency pads? yeah, if possible, you are in a growth of stem coins in several places, luxurious zimbabwe, where there is a lot of forest problems. it's so difficult to get a hold of us daughters, and what a lot of people started doing is simply get auto some u f d t. in your own view,

would you say you are in full support of african countries making as particular move you are so difficult for africa to work with mine. it is too difficult for both right now we do not use good to currency. right? which means a lot, a lot more people are more confined into their local jurisdiction. so if you are, if you live in a country that's, that has 28.7 unemployment rate, it means that you can not escape it if you don't have the means to connect to the global economy. whereas if you have a gift card, so while it, well, you can get online, there is no unemployment online. you can get a job as a math teacher, teaching some kids in mongolia or in russia or in australia somewhere, and get paid to currency. but also admins, us, more africans now can conduct in e commerce, which also has been very difficult because with a payment get way which i referred to as the economic path. i'm, but a lot of africans don't have the means to do trade. now you can open an each,

go online settings, a product, offering a service, and you can start getting paid with crypto currencies and this takes literally less than 5 minutes to set up. you don't not, you don't need to sign in a forms or make any of applications. is as easy as downloading your, what's happened, a phone number, and you're ready to go. now, some people believe that africans, under davila infrastructure, perhaps it makes it a stung big tougher crypto currencies. but some, in fact a lot of people believe that that's the actual reason why it wouldn't. but what's your taken all of this? the life of infrastructure for the current legacy system is the current is for more africans to adopt currency. and this is because of how the text belt. so for legacy infrastructure you mostly, you have to invest a lot of locally in infrastructure because in the servers or a lot of the you need a lot of investment to come in your country and set up to basically make and all of

these work. that's why ever over services, even payments are expensive. these are blocks and best acknowledges. it's already designed through the senate models do allow people to just use and pay us more v and the provider of the service is better be widened by anyone in the world. because for the 2nd big going to look at the core mind, it can be done anywhere in the world, but in one. so in wine is a victim, a whole is a provider of the infrastructure. in other words, if you are confined to say, one entity, a company to provide the infrastructure for, let's say payment get way over. if you can system, you're not forcing yourself to allocate a whole lot of capital by one provider to get something done. and this makes it the prices of infrastructure or the services to go to go up. but of course, the infrastructure held for more duction we need developers one in the system that can be beauty, these technologies, and for that, do grow really fast,

you need good infrastructure. so it's really an excuse to not beauty infrastructure, but it is a live frog to basically cut corners and get to send less as much faster that we would if we had to use the traditional means of growth or infrastructure. well that brings us to the end of this week, so we hope you enjoyed it. you can always catch us on our social media handles if you missed last week, so weeks ago as a custodian. heritage. much of which can be found today in museum in the western world, until then from the hall of to hundreds, the financial district. what's the space? another day? another dollar is changing. ah.

at this hour, american and coalition forces are in the early stages of military operations to disarm iraq, to free its people. and to defend the world from great danger. with we will bring to the iraqi people, food, and medicines, and supplies. and fleeting, with a center of water

is thrown in the only signal for the final step in wisconsin at the last dance padilla dealers, we from, from dr. ours from them to know when to do it. in bt dufrane, you could keep the way in the politicians killed a ship or was to live in. i'm done with this in a little bolcom. the crucial chest middle school was leading us with the loan is not as good, 50 d still not off with an ongoing issue. he missed the middle south. the more you can give us his net, the duties a barrel stuck on this. don't see this material, but in the phone, even in the supply unit, should update those little bit. just to look me. it doesn't help with

me. she go, she returned with a note up there lumina square yet. so to do most of you mom will shuttle specially to renew with lisa. there's other things and you took with me. oh was recently munoz car within that if you speak russian, keep your voice down while out and about a couple don't put your human symbols on display. yeah. so the social stays each night. all right, so you guys don't talk to strangers, a void, noisy gatherings,

a marsh, we've eaten your colleagues or your friends think you're guilty because you'll russian. a specific story short with ah, [000:00:00;00]

a in ah, us secretary of state anthony blinking visits, ethiopia and niger to booth us influence in africa that says there were trade accuses washington of impeding peace in the whole region. australia plan to buy 5 nuclear power submarines from the u. s. and develop more in the future draws criticism from china, mid concerns. the deal puts non proliferation agreements at risk. russia agrees to extend the black, the green deal,