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
Florida has permanently closed its temporary illegal immigrant holding center known as “Alligator Alcatraz” after all federal detainees were transferred to other facilities, Gov. Ron DeSantis announced June 25.
Israel and Lebanon signed a U.S.-backed framework agreement Friday in Washington, a move officials described as a first step toward ending months of conflict along Israel’s northern border and opening the door to a broader peace settlement.
U.S.-Iran peace negotiations faced new turbulence Thursday after Iran’s Islamic Revolutionary Guard Corps warned commercial vessels against using routes outside Tehran’s approved passage through the Strait of Hormuz, while Iranian officials also rejected U.S. claims that unfrozen funds would be used to buy American agricultural products.
Fulani herdsmen attacked a Christian village in Plateau state, Nigeria, early Monday, killing 28 Christians, including a pastor, after reportedly being guided toward the homes of church leaders, according to Christian Daily International-Morning Star News.
U.S. Central Command said Wednesday that American forces killed a senior ISIS leader in a precision airstrike in northwest Syria, as the terror group seeks to exploit the country’s unstable security environment following years of war and political upheaval.
An incident at a beauty salon in Pakistan’s largest city has sparked renewed debate about discrimination against Christians after a customer reportedly refused to be served by a Christian employee because of her faith.
A series of major earthquakes shook different parts of the world within less than 24 hours, killing nearly 200 people, injuring many more, and briefly raising fears of a wider global seismic crisis.