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
Hope of finding additional survivors was fading early Wednesday after a pontoon boat sank near Alcatraz Island in San Francisco Bay, killing one person and one dog and leaving three others missing, authorities said.
The Israel Defense Forces announced Wednesday that it killed a Hamas terrorist who helped abduct the bodies of an Israeli brigade commander and two soldiers during the October 7, 2023, massacre.
Israel’s High Court of Justice on Wednesday temporarily froze a newly enacted law shielding tens of thousands of ultra-Orthodox men from arrest and prosecution for avoiding military service.
Cuba’s national electrical grid collapsed Tuesday, plunging roughly 10 million people into darkness in the communist island’s third major blackout in nine days.
U.S. Central Command launched a new wave of strikes against Iran on Wednesday, expanding its military campaign against forces accused of threatening commercial vessels and civilian crews in the Strait of Hormuz.
The U.S. is signaling a significant shift in the Middle East as President Donald Trump and Secretary of War Pete Hegseth met with the Iraqi prime minister to announce the end of military operations in Iraq, while shifting focus to Iran.
Senate Democrats blocked the advancement of the annual National Defense Authorization Act on Tuesday, halting debate on a sweeping $1.15 trillion defense package amid sharp disagreements over the renewed war with Iran and federal spending priorities.