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
Authorities in Bangladesh came under pressure Thursday after preventing the Eid-ul-Azha sacrifice of a rare albino buffalo nicknamed after U.S. President Donald J. Trump.
The world’s wealthiest families are reducing their exposure to the U.S. dollar amid growing concerns about the long-term outlook for the world’s dominant reserve currency due to rising American debt levels and geopolitical tensions, according to reports released Thursday by UBS and JPMorgan Asset Management.
A heated parliamentary clash between Hungary’s new Prime Minister Péter Magyar and allies of former leader Viktor Orbán has added to divisions among evangelical Christians following the country’s dramatic political transition.
A Chinese dissident who fled his country in a rubber boat has been detained in South Korea after spending over a day at sea in what supporters described as his fourth attempt to reunite with his family.
A Christian teenager died Wednesday after he and another Christian were shot by suspected Muslim gunmen in northwestern Pakistan, sparking fear among local believers, investigators told Worthy News.
Armenian Christian leaders and global religious freedom advocates are condemning Azerbaijan after satellite imagery confirmed the demolition of two Armenian churches in Stepanakert, the capital of Nagorno-Karabakh, a region Armenians have long called Artsakh.
European Union Defense Commissioner Andrius Kubilius is urging European governments to expand weapons production, open military stockpiles to Ukraine, and adopt a “peace through strength” strategy to deter Russia.