- BRICS alliance is gaining momentum in their quest to reduce the dominance of the US dollar, with 41 countries, including 16 Asian nations, showing interest in accepting the new currency for cross-border transactions.
- The move, led by Russia and China, aims to challenge the global reserve status of the USD and could potentially set the greenback on a declining path.
A marked shift is happening in the global financial landscape as the BRICS alliance — comprised of Brazil, Russia, India, China, and South Africa — intensifies their effort to reduce the dominance of the US dollar. An increasing number of nations are expressing their interest to align with BRICS and adopt the new currency for cross-border transactions. As many as 41 countries have indicated their readiness to join this growing coalition, with Russia and China at the helm, spearheading the initiative to challenge the global reserve status of the USD.
Among those making this dramatic shift are 16 Asian nations, 10 of which are members of the ASEAN bloc: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These countries have resolved to cease trading in the US dollar, favoring instead their native currencies for cross-border settlements. This move by the ASEAN alliance signifies a decisive step towards diminishing their dependence on the dollar and establishing a fresh global financial order.
Parallel to ASEAN’s move, the Gulf Cooperation Council (GCC) nations, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, are expressing their intent to align with BRICS. Saudi Arabia has even engaged in discussions to fund the BRICS bank, or The New Development Bank (NDB), signifying a critical turning point in the alliance’s trajectory. If Saudi Arabia funds the BRICS bank, it could provide an economic boost to the alliance, potentially encouraging more nations to embrace the BRICS currency and cease trading with the dollar.
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In the Western hemisphere, countries in Africa, Asia, Latin America, and even Europe are contemplating ending their reliance on the dollar and promoting either BRICS or their native currencies. For instance, Iraq has recently banned the US dollar, threatening hefty fines and imprisonment for those trading in USD. The objective is to manage the unstable black market exchange rate, strengthen the use of the Iraqi Dinar in Forex markets, and counter the dominance of the US dollar.
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