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 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Tehran warned Wednesday it would “reassess” its participation in peace talks with the United States after President Donald J. Trump said Iran would have to “pay the price” as the two nations traded fire overnight.
The killing of a 22-year-old Christian man in Pakistan’s Punjab province has sparked grief and renewed concerns about the safety of religious minorities, Christian leaders told Worthy News on Wednesday.
Turkish President Recep Tayyip Erdogan warned Wednesday that Israel’s military operations in Syria and Lebanon have reached the point of threatening Turkey itself, escalating a bitter war of words with Israeli Prime Minister Benjamin Netanyahu as tensions widen across the Middle East.
U.S. inflation rose by 0.5% in May, coming up to 4.2% over the last 12 months, according to data from the U.S. Bureau of Labor Statistics released on Wednesday.
North Korea’s uranium-enrichment capacity could soon rise by roughly 75% once a new facility at its Yongbyon nuclear complex reaches full production, according to a Wall Street Journal exclusive citing analysis from Vertic, a London-based arms-control verification group.
Israel’s Knesset on Wednesday approved in a preliminary reading a controversial Basic Law proposal that would declare Torah study a foundational value of the State of Israel and effectively recognize long-term yeshivah study as a form of meaningful service comparable to serving in the Israel Defense Forces.
President Donald Trump warned Wednesday that Iran has “taken too long” to negotiate an agreement with the United States and said Tehran will now “have to pay the price,” signaling that Washington may be prepared to escalate military pressure after a fresh round of hostilities in the region.