BRICS to Officially Abandon US Dollar

Brazil's President, Luiz Inacio Lula Da Silva, announced at the BRICS Summit that the economic alliance will officially abandon the US dollar for trade settlements, aligning with de-dollarization efforts and expanding to include six additional countries by 2024.

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Relevant topic timeline:

8/22/2023

Is the dollar finally on its way out?

While strategic competitors in emerging markets are calling for change and the share of the US dollar held as official foreign exchange reserves has declined, it is unlikely that there will be a major shift in the US dollar's role as the central global currency due to the stability and reputation of the US government, as well as the challenges and limitations of other options like the renminbi.

8/22/2023

Why the US dollar will remain dominant despite Brics' push to de-throne it

The Brics economic group, consisting of Brazil, Russia, India, China, and South Africa, is discussing the possibility of expanding its membership and promoting the use of local currencies for trade settlement, with aims to challenge the dominance of the US dollar, but analysts believe that the greenback is unlikely to lose its status as the international reserve currency.

8/22/2023

BRICS: Putin Says Fading US Dollar Is An 'Irreversible Process'

Russian President Vladimir Putin stated at the BRICS Summit that the decline in the global role of the US dollar is an irreversible process, emphasizing the bloc's de-dollarization efforts.

8/23/2023

Russia Calls on BRICS to Abandon US Dollar for Trade Settlements

Russia has called on the BRICS alliance to abandon the US dollar for trade settlements and instead embrace local currencies, in a continuation of the bloc's de-dollarization efforts.

8/24/2023

What is a BRICS currency and is the U.S. dollar in trouble?

Brazil's President proposed the creation of a common currency for BRICS nations to reduce their vulnerability to dollar exchange rate fluctuations, although officials and economists have acknowledged the challenges of such a project.

9/1/2023

Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says

The dollar is not likely to lose its status as the global reserve currency despite the expansion of the BRICS group of nations and their aim to find an alternative, as technology and not commodity-based currencies are expected to be the driving force in the future.

9/7/2023

BRICS: 21 Countries Officially Agree to Ditch the US Dollar in 2023

Developing countries, including members of the BRICS and ASEAN alliances, are actively seeking to reduce their dependency on the US dollar and promote their local currencies for global trade, with a total of 21 countries officially agreeing to ditch the US dollar in 2023.

9/12/2023

BRICS Leaders Cautious on Shared Currency Proposal Due to Economic Differences

Brazil President Luiz Inacio Lula da Silva's proposal for a shared currency among the BRICS nations has been met with skepticism due to logistical and political challenges, with differing levels of enthusiasm among the other leaders and the dominant position of the US dollar in global trade.

9/20/2023

Schiff Warns Dollar Headed for 'Tragic Ending' as BRICS Nations Abandon Greenback

Developing countries, including the BRICS alliance, are looking to end reliance on the US dollar due to increasing debt and the threat of inflation, which could lead to a decline in the dollar's value and a rise in prices. Economist Peter Schiff warns of a tragic ending for the US dollar if other countries continue to move away from it.

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Posted 8/24/2023, 4:45:54 PM

BRICS to Officially Abandon US Dollar

watcher.guru

Relevant topic timeline:

8/22/2023

Is the dollar finally on its way out?

8/22/2023

Why the US dollar will remain dominant despite Brics' push to de-throne it

8/22/2023

BRICS: Putin Says Fading US Dollar Is An 'Irreversible Process'

Russian President Vladimir Putin stated at the BRICS Summit that the decline in the global role of the US dollar is an irreversible process, emphasizing the bloc's de-dollarization efforts.

8/23/2023

Russia Calls on BRICS to Abandon US Dollar for Trade Settlements

Russia has called on the BRICS alliance to abandon the US dollar for trade settlements and instead embrace local currencies, in a continuation of the bloc's de-dollarization efforts.

8/24/2023

What is a BRICS currency and is the U.S. dollar in trouble?

9/1/2023

Dollar unlikely to lose global dominance soon even as BRICS expand, BNY Mellon says

9/7/2023

BRICS: 21 Countries Officially Agree to Ditch the US Dollar in 2023

9/12/2023

BRICS Leaders Cautious on Shared Currency Proposal Due to Economic Differences

9/20/2023

Schiff Warns Dollar Headed for 'Tragic Ending' as BRICS Nations Abandon Greenback