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
As a marathon debate over the SAVE America Act continues in the U.S. Senate, Republicans and Democrats are sparring over whether the voter ID bill would strengthen election security or discourage potential voters.
Israeli Prime Minister Benjamin Netanyahu declared Thursday that Iran has lost its ability to enrich uranium and manufacture ballistic missiles following nearly three weeks of coordinated U.S.-Israeli airstrikes, marking a significant escalation in the ongoing regional conflict.
Israel dramatically expanded its military campaign against Iran, striking Iranian Navy targets in the Caspian Sea for the first time since the launch of “Operation Roaring Lion,” the Israel Defense Forces (IDF) confirmed Thursday.
The FBI has been investigating former National Counterterrorism Center Director Joe Kent for several months over allegations that he improperly shared classified information, according to multiple reports.
The United States carried out its most extensive wave of strikes against Iran to date on Thursday, as Defense Secretary Pete Hegseth signaled a significant escalation in the ongoing conflict.
Saudi Arabia warned Thursday that it may take military action following an Iranian drone strike on a key oil installation, escalating tensions across the Middle East and raising concerns over regional stability and global energy supplies.
A federal judge has struck down an Arkansas law requiring the display of the Ten Commandments in public school classrooms, igniting a renewed national debate over faith, history, and the First Amendment.