Caricom’s Hilarious Quest to Ditch the Dollar! 😂💸

by

Hold onto your hats, folks! The bigwigs of the Central Banks of Caricom have decided to throw a party! 🎉 They’re launching a local currency-based, instant settlement payment platform to kick the U.S. dollar to the curb! And guess what? They’ve already pulled off a cross-border transaction between the Bahamas and Barbados! Talk about a Caribbean cruise of cash! 🚢💰

Caricom’s Wacky Payment Platform Adventure!

So, the U.S. trade policy is wobblier than a three-legged table, and some nations are saying, “Enough is enough!” They’re on a mission to ditch the dollar in trade transactions. Enter the Caribbean Community (Caricom), a fabulous economic bloc with 15 member states that are ready to shake things up! 💃🕺

At the 64th Central Bank Governors’ bi-annual meeting (try saying that three times fast!), Caricom announced its grand plan to reduce the dollar’s role in intra-bloc settlements. Instead of the usual boring finance stuff, they’re testing a platform that lets you pay instantly with local currencies. Who needs dollars when you can have fun money? 💵✨

And guess what? The Bahamas and Barbados completed a local currency-based, cross-border transaction without any middlemen! It’s like a game of telephone, but with money! The central bank governors are so excited they’re extending the pilot and inviting two new central banks to join the fun. More players, more chaos! 🎊

The Caricom Payment and Settlement System (CAPPS) is like the cool cousin of the Pan-African Payment and Settlement System (PAPPS). It lets trade flow smoother than a rum punch at a beach party! 🍹 Traders can buy goods in their local currencies, waving goodbye to those pesky currency barriers. Adios, dollar! 👋

CAPPS keeps track of all the settlements like a diligent accountant on a caffeine high. At the end of the day, the balance resets, and any excess is paid in dollars to the corresponding nation. It’s like a financial game of musical chairs, but with less music and more math! 🎶➕

Caricom is just the latest crew trying to kick the dollar out of trade transactions. Russia, feeling the heat from sanctions, has jumped on the bandwagon, trading in local currencies with China and the BRICS gang. Who knew currency could be so dramatic? 🎭💥

Read More

2025-05-31 01:57