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 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
Some 24 hours after speaking with Russian President Vladimir Putin, U.S. President Donald J. Trump appeared to back down on his pledge to provide Ukraine with powerful Tomahawk missiles capable of striking deep inside Russia.
Christian aid workers have raised the alarm over the suffering of Christian communities in Vietnam after at least 51 people were confirmed dead in the country and 20 more in the Philippines as Typhoon Bualoi and its aftermath brought devastating floods and landslides to Southeast Asia.
Hungarian Prime Minister Viktor Orbán announced Friday that he had already discussed details of the planned U.S.–Russia summit in Budapest with U.S. President Donald Trump, adding that he would also speak with Russian President Vladimir Putin about the meeting.
The government of Syrian President Bashar al-Assad secretly moved thousands of bodies from a massive grave near the capital, Damascus, to a hidden desert site as part of a two-year effort to conceal evidence of war crimes and improve the regime’s image, investigators say.
The U.S. government shutdown is set to continue after the Senate again failed to advance a short-term spending measure Thursday, deepening the impasse between Republicans and Democrats over health care subsidies and spending priorities.
U.S. President Donald J. Trump said he plans to meet Russian President Vladimir Putin in the Hungarian capital, Budapest, to discuss possible steps toward ending Russia’s war against Ukraine.
Syria’s interim president Ahmad al-Sharaa held his first official talks with Russian President Vladimir Putin at the Kremlin on Wednesday, signaling a new phase in relations between Moscow and Damascus less than a year after Sharaa’s rebel forces ousted former Syrian leader Bashar al-Assad — a longtime ally of Russia.