ah, with every year on march, the 16th hundreds of people gather in the centre, agree go to commemorate the lamp and soup fault with nazi germany in baffin essence detachments during world war 2. this day is known as region in a day to the village among the many commando, the sinners with me, paula just got started with advocates. if the veterans claim the lengthy and soldiers had nothing to do with the trustees committed against jews . despite historical evidence that proves that contrary with

boldness and make a socialist russia convoluted with a the we still have a few countries that to one to be the global hedge a month. and that is what the i resisting. so african countries have always had a bad it really comes to colleges because we rely on the us dollar. we don't want one or 2 countries determine all future for now. you still waiting for the payment to come. jeffrey sets 2 weeks ago, speaking on the public back for said that ukraine is fighting a proxy law between russia and usa. each of the dollar wise nation has begun. it's

time for global we state africa has grown weary of western dominant confound coming . sees the search for alternative to the darlin frank is gaining momentum. accelerated by the conflict in ukraine, which brought home some hard food. hello and welcome to the sleep africa now. so we're coming from the south africa financial district and the most expensive way now in africa. behind me is the $100.00 foot cock exchange, which is footing for programming. slowing africa, search alternatives to western currency. the french frank and the u. s. dollar had long played an out sized role in global market. the cracks are starting to appear. african countries and central banks are not holding these currencies in. they were due to the extent that they wanted books, countries in particular, brazil, russia, india, china, and south africa are working on moving away from dollar based economies as they

take great ownership of the interest and other nations are warming up to the idea as best. so cool, explain, mr. investor. 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 being part of a decision? we'll look 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 ukraine situation and the unit actual sanctions. and all of us have been impacted by that. especially in the financial sector because of the domination offered us dollar. in terms of global trade and dollar financial

transactions. we have been talking about this or sometime within breaks that we should be able to trade and interact with the not on currencies. we should be able to borrow from our and d, b with a know on 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 bank diversifying it's lending portfolio. so the building blocks of us relying more on our own currencies and winning ourselves away from just one or 2 currencies. i think that has always been the creation of bricks. and i think the circumstances prevailing as a result of the electoral 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. a conversation amongst the larger global soft, we still have a few countries that one to be at the global edge a month. and that is what the resistance. we don't want one or 2 countries determining old 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 o. this is the small island states that 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 all countries. these are being impacted as

a result of unilateral sanctions. so the unilateral 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 a convent currency. so we will have a whole host of come and we'll have a basket of currencies. but we want the basket to be broad based, to include the currencies of the developing world, including the brits countries and not dominated by 2 or 3 as this, as it is thus far. and going into the future, the world has changed. brooks 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 developing world in 1945, we're still under colonial road and we are, we are saying we need to reform the silver marty latrell 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 continue 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 multi polar world, a multi civilizational 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 dea, 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 and countries are now also moving in that direction, trading in their 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 here, 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 lose. 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 government 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 architecture altogether, what countries would still prefer to maintain the status of the us dollar? well, i would think that the allies of the us would 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

to launch a 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 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 the sudden rush like the sudden rush girl? obviously, we are 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 critical, 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 gilbert 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 a 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 it going to and this is what is causing cont, 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 lastly, 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 dover 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 bricks 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 channel as expected to grow, at least between 5 and 6 percent. india is expected to go 6 percent plus and despite the challenges in russia, russia is also expected to have positive growth. so his 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 a recall 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 the of the 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. as the minimum enthusiasm for book grows,

it's not limited to the financial but it's also impacting other industries. the world's only film festival that places a special focus on bricks, countries is making a comeback. this year it's yeah. at the university of $200.00 big in south africa, it's focus is on shaping the future and forming robust partnerships and strong type amongst bricks, countries, the festival showcase of the long and short films, exposing produces to international audiences, setting the tone for future collaborations that briggs love of countries don't have much to do. ok. france needs be, are, you know, made it nice. com, intellectual, 1st of all, america nice doth guys, you know, because they've got on brutalizing people. so it's easy for them to find things that make them look good. but you come out and say 5 need to create a con peter oscar. it's like what for?

we got to feed people who are going to build roads. what are so just being around is it's quite an achievement because it's not a proud, it will not be the time to do that said, i still think good countries should also have good p r. so that they remind each other the, you know, they've got things be on, i just put it in and start. but at this stage, it's hard to fail. how do you get to sell your film in america? if you become a foreign language women off gum, maybe you get a few more screens, but that the law is come to us to get your phone going. but the truth is, you're not going to 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 fill them in my in charge ride for people to watch them. maybe really big visits as an economy block and a jewel political block. the idea of meeting financial needs and local currency. it's a very rating across the continent. we know that we can get from johannesburg. it's

clear that western currency is a starting to be value. and the story was within most african countries. and this is led to the desire, amongst many africans to se value and supports their own currencies. we ought to date in the streets of ter, hadn't africa the most treated in this country, from many parts of the african continent. and with these currencies and lots of foreign a, my deadline is with a couple of months. now even those that african currency is the rand we, as africans, we understand the value and the way to that it's the current to africa carrier was involved with the currency emissions, or who is king fears above many africans. and i was starting to

see the importance and the value of the old parents, but not everyone having many currencies in one country would actually mess up our economy. okay. so we need one currency where it being crypto currency, but we need one currency for the whole of africa, not just south african. 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 wisdom coming from far. t abnormal, we couldn't get into hand is 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 put the u. s. don is dominant in local transactions and contracts as part of moving aimed at maintaining the high cost of living as a sauces,

any citizen, i am requesting that in or out 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. but surely, we should be able to use our own currency that makes sense for the lives of cells to the new people in the country that a lot. we don't want that anymore. use a local currency, will enable us to do more market activities with that. and 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 paid him for mobile pacer for healy 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. exactly. yeah. you are a taxi driver. yeah. how has in his 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 client, you get the change. yeah. because you pay me through and you can pay through me, continue to guys, i give you change on and so it has mid transaction cities and also the 5th time and safe and fear for very 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 number. this is not the case, the number for this restaurant for this list. ok, so you can 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 in case they want me to pay that way. account by mouth no case . no, we are going to to this the ocean by, by goods and services because you're buying these for the good. so i'll touch on bag with and services 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 an option for my, my own pin that's set that pin that i still not even if you went before. so

masking, you shall not look with it. so it see even movies to my phone, but you have to have a cell phone. you have to have a cell phone now. and does everybody, can you have a cell phone? yeah, i almost have it on half a cellphone in the house. would it? but has a cellphone. so even amongst the cook communities, you might not have money in open his account, which will have it for a cellphone with an impair set. yeah. how can you show? he can pull it through their confirmation. so now we've paid mercy of paid. thank you so much for your service. sometimes it's really nice. yeah, almost ready. 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 we're going to think of 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. oh, 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? would you say african countries trying to wean themselves off western currencies perhaps? so african countries have. busy always had a disadvantage when it comes to currents is because we rely on the us 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 out, okay, is the most disconnected continent in the war, like it's so expensive to send money from one country to the never country, or would you say that african countries are trying to wean themselves off western currency? yeah, it's possible you are in a growth of stable 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 on my it is too difficult for those right

now. we do not use good to currency, right? which means a lot more people are more confined into their local jurisdiction. so if you are, if you live in a country that has 48.7 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 it means that more africans now can conduct an 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 cooper currencies. and this takes literally less than 5 minutes to set up. you don't not 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 that makes it a stung victor for crypto carries these. but some, in fact, a lot of people believe that that's the actual reason why it wouldn't work. and what's your taken? one of 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 a lot of these things work. that's why we're over services, even payments are very expensive. these are blocks and best technologies. it's already designed through the senate models do allow people to just use and pay

a small fee and the provider of the service is better be widened by anyone in the world. because for the circle, be going to look at the one minute can be done anywhere in the world, but in one. so in wide it is a victim who is the 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 the prices of infrastructure or the services to go to go up. but of course, better infrastructure help for more adoption. we need developers, the one in the system that can be beauty, these technologies, and for that to grow really fast. we need good infrastructure, so it's an excuse to not view infrastructure, but it is

a live frog to basically cut corners and get to certain places might factor that we would if we had to use the traditional means of growth or infrastructure. what happens after the of this we so we hope you enjoyed it. you can always catch us on our social media handles. if you missed last week, show weeks as a custodian. heritage, much of which can be found today in museum in the western world. and television from the heart of one of the financial district. what the space another day. another dollar is changing. ah ah,

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