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
German authorities have launched an investigation after a protester threw red liquid over Iran’s exiled crown prince Reza Pahlavi in Berlin, where he had denounced a ceasefire between the United States and Iran.
Christian advocates have urged legislators in Pakistan’s Punjab province to approve child marriage legislation in a country where millions of girls are married as children.
Authorities in the Philippines reported ash emission from Mount Kanlaon on Saturday morning, with volcanic ash drifting westward toward nearby communities.
U.S. President Donald J. Trump said Saturday he ordered his envoys not to travel to Pakistan for talks with Iranian officials.
Britain and France signed a new three-year agreement Thursday aimed at curbing migrants attempting the often deadly Channel crossing, as Europe faces a record influx of people fleeing war, persecution, and poverty.
Christians have expressed concern about the plight of Egyptian prisoner Saeid Mansour Abdulraziq, who converted from Islam to Christianity in 2016, joining the Russian Orthodox Church.
Christians in an area of Java, Indonesia’s most populous island, are weighing their options after authorities evicted worshipers following protests by residents against their church presence, Christian sources told Worthy News Thursday.