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
President Donald Trump said the United States carried out a major bombing raid on Iran’s Kharg Island, destroying what he described as every military target on the strategically vital export hub.
An explosion damaged a Jewish school in Amsterdam early Saturday in what authorities described as a deliberate attack against the Jewish community, raising alarm after recent assaults on synagogues in the Netherlands and neighboring Belgium.
Pakistani police have launched a criminal investigation after a young Christian man was brutally killed in the eastern city of Lahore, an attack that has shocked members of the country’s small Christian community, investigators told Worthy News on Saturday.
U.S. President Donald J. Trump says the United States and allied nations should send warships to help reopen the Strait of Hormuz near Iran, a strategic waterway through which roughly one-fifth of the world’s oil supply passes.
Investigations continued Friday after a suspected Islamist gunman opened fire in a classroom at Old Dominion University in the U.S. state of Virginia on Thursday, killing a Reserve Officers’ Training Corps (ROTC) instructor and wounding two others before he was subdued by students and died, officials said.
All six crew members aboard a U.S. refueling aircraft have died after the plane crashed over western Iraq, the U.S. military confirmed Friday, as fighting between the United States, Israel, and Iran continued to intensify.
U.S. Defense Secretary Pete Hegseth said Friday that Iran’s newly installed supreme leader is likely wounded, disfigured, and hiding underground as the Islamic Republic reels from the opening blows of the war with the United States and Israel.