Bidco Africa Chairperson Vimal Shah has testified in court about losing approximately Sh102.4 million in an unfulfilled foreign exchange deal during a dollar shortage in Kenya in 2023.

• Lost amount: Sh102.4 million
• Key individuals: Vimal Shah (Bidco Africa Chairperson) and his associate Nicholas (Nik) Nesbitt.
• Transaction details: The deal involved accessing US dollars via cryptocurrency, with funds to be delivered within 24 hours, but the dollars never arrived.

Kenya's foreign exchange reserves have rebounded to $15.25 billion as of September 10, reversing a three-week decline.

• The reserves now cover 6.3 months of imports, up from 6.1 months the previous week.
• The Central Bank of Kenya reported the increase.
• This level remains slightly below the all-time high of $15.4 billion reached in late July.

The World Trade Organization (WTO) has issued a stark warning that a failure to modernize global trade rules could lead to a significant decrease in global GDP.

• A strengthened multilateral system could see global GDP rise by 2.9% by 2050, while erosion of these rules could cause it to fall by as much as 10%.
• The warning comes from WTO Director-General Ngozi Okonjo-Iweala and is detailed in the World Trade Report 2026.
• The report highlights that while the global trading landscape has evolved, the fundamental principle of cooperation remains vital for global economic prosperity.

Emerging economies under the BRICS+ bloc are developing a new digital currency and payment system called the UNIT, potentially challenging the dominance of the US dollar in global trade.

• The UNIT is backed by a reserve basket of 40% gold and 60% BRICS+ currencies, utilizing blockchain technology.
• The expanded BRICS+ group, including members like China, India, and newly added nations such as Egypt and Saudi Arabia, accounts for 48.5% of the global population and 39% of global GDP (PPP).
• This initiative aims to reduce dependence on the US dollar for cross-border trade and could foster greater economic interdependence among member states.