New Country Ready To Support De-Dollarization and Join BRICS

The number of countries wanting to join the BRICS alliance and support the de-dollarization agenda is rapidly growing in 2024. There’s a new country expressing interest in joining the bloc almost every two weeks in the last three months. The development indicates that the bloc’s de-dollarization initiative is lucrative and other countries want to free their economies from the grasp of the US dollar.

Also Read: BRICS: India To Accept Local Currencies For Trade, Sideline US Dollar

Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move will help developing nations push local currencies ahead and strengthen their native economies. The US dollar will face a deficit if it loses in the global supply and demand mechanism in the markets due to de-dollarization.

Also Read: Former Russian PM Talks About BRICS Currency

BRICS: DRS Congo Shows Interest To Join the Bloc & Advance De-Dollarization

brics de dollarization us dollar usd currency
Source: iStockphoto

Russian Ambassador to the Republic of Congo, Ilyas Iskandarov confirmed that DRS Congo has expressed its interest to join BRICS. The BRICS Ambassador explained that the African country is showing great interest in extending support to the de-dollarization efforts.

Also Read: BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements

“The DRC leadership has expressed great interest in developing partnerships with BRICS countries. The number of which has grown since January 1,” said Iskandarov on de-dollarization. “After the admission of Egypt, Iran, the UAE, and Ethiopia into BRICS, the association accounts for more than 30% of the total land area, more than 40% of the world’s population and more than 30% of the world’s GDP,” he added.

Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5%

If DRS Congo gets inducted into the BRICS alliance, it would encourage other African nations to follow suit. The move would push the de-dollarization agenda in Africa making emerging economies cut ties with the US dollar. Kenyan President William Ruto has already been puppeting the BRICS ideals of de-dollarization across Africa. It would only be a matter of time before the continent embraces the agenda.

  • BRICS
  • Congo
  • De-dollarization
  • DRS Congo

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