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
Spain and neighboring Morocco reinforced security around the Spanish enclave of Ceuta after tens of thousands of migrants entered the territory illegally in recent days, while at least 34 people died attempting the dangerous crossing, authorities said Friday.
The Republican-led Senate narrowly rejected another attempt Thursday to force an end to unauthorized U.S. military operations against Iran, preserving President Donald Trump’s ability to continue the campaign without a new authorization from Congress.
Hungary’s only nuclear power plant could be forced to shut down within days after record-low water levels on the Danube River sharply reduced its cooling capacity, raising fresh concerns over Europe’s energy security amid an intense heatwave.
President Donald Trump announced Thursday that Hamas has agreed to a phased process leading to the “complete disarmament” of the terrorist organization and other armed factions in the Gaza Strip, calling the reported agreement a historic step toward lasting peace.
President Donald Trump openly questioned whether Senate Majority Leader John Thune should remain in his leadership post as tensions intensified over the Senate’s failure to advance Trump’s election-integrity agenda.
Senior U.S. intelligence officials have concluded that China’s alleged acquisition of American voter-registration data falls within the government’s definition of foreign election interference, according to information released Thursday by the White House.
The widening war between the United States and Iran entered a dangerous new phase Wednesday as American and Saudi forces carried out coordinated strikes against Iran-backed militias across Iraq, marking the first publicly acknowledged joint combat operation of its kind between Washington and Riyadh.