One of the biggest developments coming for BRICS in 2024 is the continued establishment of its own currency. BRICS currency is no secret, and the bloc has been keen on developing the currency to coincide with local currencies to ditch the US dollar. With expansion in 2024 imminent and more countries looking to abandon the greenback, will BRICS currency finally be released in 2024?
When answering this question, it’s important to analyze the current state of BRICS and its growth. BRICS brought several new nations into its bloc in 2024, including Saudi Arabia and the UAE. These two nations in particular provide significant financial backing that can aid the development of BRICS currency. Furthermore, Iran has recently stated its intention to help create a BRICS currency to challenge, and ultimately ditch, the US Dollar. Iran was one of the new countries added to BRICS+.
Also Read: Iran to Help Create BRICS Currency to Ditch US Dollar
There have been a plethora of differing opinions from pundits regarding the implications or potential of the currency. However, one thing that has not been disputed is its prevalence amid the alliance dialogue. With its expansion going into effect at the start of the new year, we could be well on our way to such a currency coming to fruition.
Back in August 2023, the BRICS bloc stated that a BRICS currency “increases our payment options and reduces our vulnerabilities.” Additionally, it presents a clear path away from the greenback throughout their trade dealings.
Development of the currency may take BRICS beyond 2024, in order to get all interested nations on board. However, one cannot rule out BRICS currency making a debut this year, possibly at the next summit in Russia.