by Karen Faulkner, Worthy News Correspondent
(Worthy News) – The annual BRICS Municipal Conference in Russia this October is expected to draw representatives from 126 nations with a view to possibly joining the bloc and leaving the US dollar for a new BRICS common currency.
BRICS is an intergovernmental, geopolitical bloc that has coordinated multilateral policies since 2009. Originally comprising Brazil, Russia, India, China and South Africa, the BRICS bloc now includes Argentina, Iran, Saudi Arabia Iran, Egypt, Ethiopia, and the United Arab Emirates as well.
Ahead of October’s annual summit, the Brazil’s President last month called for BRICS nations to create a common currency for trade and investment among themselves in order to reduce their susceptibility to US dollar exchange rate fluctuations, Reuters reported in August.
However, Reuters noted in its report last month, the dollar continues to dominate world trade. “De-dollarising would need countless exporters and importers, as well as borrowers, lenders and currency traders across the world, to independently decide to use other currencies,” Reuters said.
Nevertheless, the growing number of developing countries that are interested in joining BRICS and ending their dependence on the US dollar for trade may ultimately amount to a challenge to the US dollar’s hegemonic status.
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
The Israel Defense Forces announced Thursday that it uncovered one of the most extensive and sophisticated Hamas tunnel systems discovered to date, a sprawling underground route running more than seven kilometers (4.3 miles) and plunging approximately 25 meters (82 feet) underground beneath Rafah.
Six Democratic lawmakers with military or intelligence backgrounds have ignited a political firestorm after releasing a video urging U.S. service members and intelligence personnel to “refuse illegal orders,” drawing sharp reactions from the U.S. Department of Justice (DOJ).
The White House was preparing Friday for a highly visible meeting between Zohran Mamdani, the mayor-elect of New York City, and U.S. President Donald J. Trump amid growing concerns over possible federal troop or National Guard deployments to the city. The made-for-television get-together comes as the president links the influx of migrants — many of them arriving undocumented, or in his words “illegally” — and rising crime in America’s largest city to what he describes as weakened local governance.
A Russian oil tanker under U.S. sanctions made a dramatic U-turn on its way to Venezuela after a U.S. warship appeared in its path near the country’s coast, Worthy News learned early Friday.
A man has been charged with federal terrorism offenses after allegedly dousing a woman with liquid and setting her on fire aboard a Chicago subway train, authorities confirmed Friday, in a case that revived concerns about transit safety amid rising violence in U.S. public-transport systems.
Capitol Hill — the U.S. seat of Congress and legislative center of American government — faced fresh drama Thursday when a small electrical fire broke out in the underground subway system connecting the Rayburn House Office Building to the U.S. Capitol, forcing evacuations.
U.S. President Donald J. Trump met Thursday with a group of freed Israeli hostages and their loved ones at the White House, praising the survivors as “heroes” and vowing continued support for efforts to return remaining captives held in Gaza.