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
Texas Attorney General Ken Paxton decisively defeated four-term incumbent Sen. John Cornyn in Tuesday’s Republican Senate primary runoff, delivering one of the clearest signs yet that President Donald Trump’s GOP is rapidly replacing the party’s old guard with candidates aligned more closely with the MAGA movement.
Israel said Wednesday it killed Mohammed Odeh, Hamas’ newly appointed military chief and a senior figure tied to the Oct. 7, 2023 massacre, in a targeted airstrike in Gaza City, marking another major blow to the terror group’s effort to rebuild its command structure.
A panel of federal district court judges temporarily blocked Alabama’s plan to enact its 2023 congressional map for upcoming elections.
Iran’s supreme leader again called for “Death to America” and “Death to Israel” after U.S. strikes in southern Iran, even as President Donald Trump convened his Cabinet for high-level discussions while negotiations with Tehran entered a decisive stage.
Israeli Prime Minister Benjamin Netanyahu announced Tuesday that Israel will deepen its ground operations in southern Lebanon, saying the Israel Defense Forces will expand its campaign against Hezbollah amid a growing wave of drone attacks targeting Israeli troops and northern communities.
The Trump administration is reportedly preparing to sharply reduce the number of U.S. military assets available to NATO allies in the event of a major crisis in Europe, a move that would place fresh pressure on European governments to shoulder more of their own defense burden.
Armed youths stormed a hospital in the Democratic Republic of the Congo where Ebola patients were being treated, forcing medical staff to evacuate patients amid rising tensions over strict burial rules during the outbreak, officials said Monday.