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
Israel came under a coordinated barrage of rockets, drones, and ballistic missiles Wednesday night as Hezbollah and Iran launched simultaneous attacks that triggered air raid sirens across large parts of the country.
A pastor was recovering Wednesday after being beaten unconscious when a mob of Hindu nationalists attacked a house church gathering in central India, assaulting worshippers that included women and children, Christians familiar with the case said.
Belgium, Britain, France, and Germany are among European countries on heightened alert after an explosion outside a synagogue in eastern Belgium raised fears of possible terrorism linked to the war involving Iran.
U.S. intelligence agencies say they have intercepted encrypted communications believed to originate from Iran, raising concerns that the signals could be intended to activate sleeper cells abroad amid escalating tensions following reports that Iran’s supreme leader, Ali Khamenei, was killed in a U.S.-Israeli strike.
Israel is exploring a strategic security partnership with Somaliland that could potentially include a military presence near the mouth of the Red Sea, according to officials cited in a Bloomberg report.
The International Energy Agency (IEA) announced Wednesday that member nations will release 400 million barrels of oil from emergency reserves, the largest coordinated drawdown in the agency’s history, as the war with Iran disrupts global energy supplies.
President Donald Trump announced Tuesday that the first new U.S. oil refinery built in half a century will be constructed in Brownsville, Texas, calling the project a historic milestone for American energy independence.