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
Christian advocates warned Tuesday that British government plans to ban so-called “conversion therapy” could criminalize parents, pastors, and other believers for expressing Biblical teaching on sexuality and gender.
An Indonesian court sentenced former education minister Nadiem Makarim, the co-founder of Indonesia’s largest start-up, Gojek, to 10 years in prison Tuesday in a controversial corruption case that has raised concerns at home and abroad over the country’s legal system.
The U.S. Supreme Court ruled Tuesday that states may bar transgender women and girls from competing on female school sports teams, handing a major victory to advocates who have argued that girls’ and women’s athletics must be protected on the basis of biological sex.
The U.S. Supreme Court on Tuesday rejected President Donald Trump’s effort to restrict birthright citizenship, preserving a long-standing constitutional interpretation that grants U.S. citizenship to most children born on American soil, including those born to parents who are unlawfully or temporarily present in the country.
Israel’s Ministry of Defense has completed a new series of advanced tests of the Iron Dome air defense system, validating major upgrades intended to strengthen the nation’s ability to confront increasingly complex aerial threats, including rockets, cruise missiles, and drones.
Israeli Prime Minister Benjamin Netanyahu said Tuesday that Israeli forces will remain inside the Security Zone in southern Lebanon until Hezbollah no longer poses a threat to Israel, warning that the Iran-backed terror group will not be permitted to rebuild along Israel’s northern border.
More than 1 million people enrolled in Obamacare plans do not have Social Security numbers on file, Health and Human Services Secretary Robert F. Kennedy Jr. announced alongside Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz, warning that the discovery points to major weaknesses in federal program oversight.