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 1999-2024 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Former U.S. President Donald J. Trump was safe after “multiple shots” were fired near his golf course in West Palm Beach, Florida, on Sunday, several sources say.
Russia and Ukraine say they have exchanged 206 prisoners of war in a deal brokered by the United Arab Emirates. The weekend exchange was welcomed by Ukraine’s embattled president, whose forces have struggled to halt the ongoing Russian invasion of his nation.
Dozens of people, including Americans, faced a tense Sunday after a military court in the Democratic Republic of Congo (DRC) handed down death sentences to them over an alleged coup attempt.
Hungary braced on Sunday for the Danube River, Europe’s main waterway, to reach record levels as massive rainfall caused deadly flooding across Central and Eastern Europe, damaging homes and leaving many without power.
Pakistani authorities detained a police officer who allegedly shot dead a man for “blasphemy against Islam” following the recent killing of a Christian on similar charges, Worthy News established Saturday.
Outgoing U.S. President Joe Biden’s administration demands two permanent seats for African nations in the United Nations Security Council and an elected seat for a small-island developing nation.
The U.N. secretary-general has condemned Israel for attacking a school in central Gaza that killed “at least 18 people,” including staff of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).