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
Russia has sent a sanctioned cargo ship to resupply its air base in Syria, signaling that Moscow intends to preserve one of its most important military footholds in the Middle East despite the fall of longtime ally Bashar al-Assad, according to U.S. officials and satellite images reviewed by The Wall Street Journal.
Israel moved another step closer to early elections after the coalition’s bill to dissolve the Knesset passed its first reading late Monday night by a vote of 106-0, with no lawmakers voting against the measure.
President Donald Trump said Monday that Israel and Hezbollah had agreed to halt attacks after a day of rising tensions in which Prime Minister Benjamin Netanyahu threatened renewed strikes on Hezbollah’s Dahiyeh stronghold in Beirut if the Iranian-backed terror group continued firing on northern Israel.
A divided federal appeals court ruled Monday that the Trump administration’s policy restricting transgender military service is likely unconstitutional, delivering a legal setback to the Pentagon while leaving parts of the policy in place.
Authorities in Vietnam’s Gia Lai Province have detained two Montagnard Christians on accusations of “undermining national unity” in the latest case involving ethnic minority believers in the communist-run nation, Christians told Worthy News on Monday.
Hungary has plunged into an unprecedented constitutional and political crisis after President Tamás Sulyok refused to resign following the expiration of an ultimatum issued by Prime Minister Péter Magyar.
The U.S. Department of Justice is temporarily backing down from its plan to launch a $1.77 billion “anti-weaponization fund” after a federal judge issued a short-term restraining order.