- Caribbean, Africa urged to trade in their own currencies
Chad Blackman, Barbadian Minister of Economic Affairs and Investment, has suggested that African and Caribbean countries use their own currencies for intraregional commerce, which could position the region for the possibility that the US dollar and euro may lose their dominance in another ten to fifteen years.
This comes as preparations by CARICOM countries to test a payment system for intraregional commerce using their respective currencies rather than the US dollar.
The system is patterned after an initiative involving ten African central banks run by the African Export-Import Bank (Afreximbank).
Blackman believes that trading amongst themselves in their own currencies lends credibility to markets where the currencies are, even though it is a potentially divisive viewpoint.
He also believes that several of the currencies currently in use may not be in the same position within the next 10 to 15 years.
He also urged more examination of the reform of the global financial system, noting that credit rating agencies were not created by Africa or in their image, and that Africa and the Caribbean should look to credit rating agencies created by the global south.
