November 27, 2023

Image Credit: Finshots

BRICS Vows to End US Dollar Dominance in 2024

January 8, 2024

The alliance, now comprising ten nations since August 2023, intensifies efforts to conduct trade in local currencies and develop a BRICS currency, challenging the dominance of the US dollar.

BRICS Alliance Expansion

Image Credit: Shutterstock

Founding members Russia and China lead the de-dollarization drive, fostering agreements to facilitate trade using local currencies and bypassing the US dollar.

Russia and China's Role

Image Credit: New York Times

Russian Prime Minister Mikhail Mishustin highlights robust business ties with China, reaching a bilateral trade milestone of "$200 billion ahead of schedule," posing a significant challenge to the US dollar.

Growing Russia-China Business Ties

Image Credit: World  Grain

Momentum for De-Dollarization

At least 16 new countries express interest in joining BRICS, indicating a growing global sentiment against the US dollar's reserve currency status.

Image Credit: Coin Republic

Challenges in De-Dollarization

Despite support for BRICS, reducing the US dollar's dominance faces challenges due to its historical role in global trade, necessitating complex and far-reaching changes.

Image Credit: Blockchair

India's Challenges in BRICS

India faces challenges within BRICS, despite convincing 22 countries to accept the Rupee for international trade, highlighting complexities in moving away from established currencies like the US dollar and the Chinese Yuan.

Image Credit: The Quint

Multipolar Financial Future

Image Credit: NewsClick

BRICS moves away from the US dollar, signaling a shift to local currency settlements and the potential introduction of its currency. This contributes to a more multipolar financial landscape.