Caricom bloc advances pilot to reduce dollar dependence

The Central Banks of Caricom are implementing a local currency-based payment platform called CAPPS to reduce dependence on the U.S. Dollar, successfully completing initial tests with Bahamas and Barbados.

The Caricom bloc plans to broaden the pilot program by including more central banks, enhancing capabilities for future reliance on this currency settlement system.

Like Russia and BRICS nations, the Caricom bloc is strategically aiming to minimize dollar usage in trade, reflecting a growing trend in global commerce.