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
Senior Hamas leader Khaled Mashaal on Sunday reaffirmed the terrorist group’s refusal to disarm, rejecting demands from U.S. President Donald Trump and vowing to continue the fight against Israel.
The U.S. government added $696 billion to the national debt over the past four months, borrowing $94 billion in the month of January alone, the Congressional Budget Office reports.
Anti-ICE protests continued in Minneapolis over the weekend, resulting in dozens of arrests by local law enforcement.
Authorities across North Africa and southern Europe remained on high alert Monday after powerful storms killed numerous people and forced the evacuation of more than 160,000 residents.
Ukraine’s foreign minister has warned that intensified Russian attacks on his country’s energy infrastructure are creating a direct risk of a nuclear incident that could affect all of Europe.
Official results confirmed Monday that Socialist Party candidate António José Seguro won Portugal’s presidential election with 66.7 percent of the vote, defeating André Ventura of the right-wing nationalist Chega (“Enough”) party.
Despite what advocates describe as decades of persecution, discrimination, and insecurity, Pakistan’s Christians remain steadfast in their faith and committed to peaceful coexistence, a leading Christian rights advocate said Friday.