BRICS Currency May Not Upstage the US Dollar Anytime Soon

Quick Summary:

BRICS states’ de-dollarization efforts are unlikely to beat the greenback’s continuing preference globally.

Besides aiming to introduce other national and regional currencies as alternatives to the U.S.dollar, BRICS states’ de-dollarization intent also includes using digital currencies.

The BRICS Plus’ (expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates) intent to dump the U.S.dollar in their “bilateral transactions” and aim for a “more diversified monetary system” stems from the financial sanctions that the U.S.has already imposed against Russia for its invasion of Ukraine and the so-called “weaponization” of the dollar.

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Article Details

Author / Journalist: Tridivesh Singh Maini

Category: Economy

Markets: United StatesBangladeshBrazilChinaEgyptEthiopiaIndiaNorth KoreaSouth KoreaKyrgyzstanMalaysiaMozambiqueMyanmarPakistanSouth AfricaUkraineUnited Arab EmiratesUzbekistan

Topics: India Global Percent Currency Dollar Member Russia Currencies Been Brics States

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-09 @ 22:59:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 2749 words

Reading Time: 16 minutes read

Sentences: 95 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 24304422

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