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Thursday, June 20, 2024

Death of Dollar? BRICS nations abandon the dollar for global trade

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In a move that could have major variety of currencies for the world economy, the BRICS alliance has announced its intention to abandon the U.S. dollar as the main currency for global trade and use their local currencies instead. This initiative aims to boost their local economies and assert their independence from Western economic influence.

The BRICS nations, which represent more than 42% of the world’s population and about 23% of the global GDP, have been seeking to reduce their reliance on the U.S. dollar for years, as they view it as a tool of American hegemony and a source of instability. The U.S. dollar has been the dominant reserve currency and the medium of exchange for international trade since the Bretton Woods system was established after World War II.

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