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BRICS is advancing in its de-dollarization quest by convincing developing countries to ditch the US dollar for all global transactions. Now that four new countries have joined the bloc, the alliance has received a boost in the arm of its de-dollarization agenda. The new members are also keen on the formation of a BRICS currency to bring the US dollar down. Also Read: BRICS Pays $4,000,000,000 in Local Currency, Sidelines US Dollar Amid the de-dollarization process, two countries have openly expressed that they will begin using BRICS currency to settle trade and not the US dollar after the launch of the tender. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. Russia & Iran To Settle Trade in BRICS Currency After Its Launch, Ditch US Dollar Source: Financial Tribune BRICS members Russia and Iran made it clear that they would start using BRICS currency the same day of its launch and ditch the US dollar for trade. B...

The U.S. Treasury is offering higher yields from Q3 this year when compared to the returns fetched by other BRICS currencies. The U.S. dollar not only outperformed BRICS currencies, but also beat gold, oil and other commodities in September. The dollar reached a 10-month high on Wednesday, Oct. 4, 2023, as the DXY index touched 107. The greenback is just eight points away from reclaiming its 52-week high of 114. The development is the opposite of what BRICS aims to achieve, as it wants to pull the US Treasury down. Also Read: 10 U.S. Sectors To Be Affected If BRICS Stops Using the Dollar Gold dipped to its seven-month low amid the rising US dollar in the global markets. In addition, oil prices hit a new low ahead of the OPEC meeting amid the dollar peak this week. So what’s happening here? Why is the U.S. dollar on a winning streak and adding pressure on other currencies and commodities markets? In this article, we will highlight why the U.S. Treasury is offering hig...

Brazil’s President Luiz Lula da Silva said on Wednesday that BRICS is discussing setting up a new currency for global trade. The settlement currency will be used for cross-border transactions among member nations and will do away with the U.S. dollar. “We have agreed that our finance ministers will discuss this issue over the coming year to see if we can agree on the creation of an accounting currency for exports by the next meeting,” he said to Reuters. Also Read: After BRICS, G20 Summit in the Spotlight Therefore, BRICS might have a new settlement currency before 2025 and end dependency on the U.S. dollar. The Central Banks of member nations are discussing ideas for the new currency formation. In this article, we will highlight what are the challenges that BRICS will face while setting up a new currency. What Are the Challenges To Set up a New BRICS Currency? Source: thecradle.co The BRICS alliance will encounter multiple challenges while setting up a new currency...