BRICS Official: Native Currency Trade Already Exceeds US Dollar
BRICS, the economic alliance consisting of Brazil, Russia, India, China, and South Africa, is making significant strides in its push to move away from the US dollar. Sameep Shastri, vice chairman of the BRICS Chamber of Commerce and Industry, has confirmed that trade between member countries now primarily uses their native currencies, surpassing transactions settled in the greenback. Shastri cited the cost advantages of settling in local currencies, accelerated by Western sanctions, explaining, “There’s an extra cost behind it, which is now eradicated when I directly [pay] with Ruble or with Rupee.” This shift marks a critical milestone in the bloc’s ongoing de-dollarization efforts laut Informationen von watcher.guru.
The trend is noteworthy given the long-standing dominance of the US dollar in global trade. Over the past year, BRICS has persistently challenged this dominance, pushing for less reliance on the Western currency. The bloc is even exploring blockchain payment systems and some digital currencies to further reduce dependence on the US dollar, aligning with regulatory standards of member nations. This strategic transition aligns with global economic shifts, as seen in a 14% drop in global reserves held in dollars since 2002. With the possibility of new payment systems debuting at the 2024 Annual Summit, the BRICS alliance is poised to strengthen its position in global trade using its native currencies and innovative financial technologies wie watcher.guru in einem aktuellen Artikel darlegt.