BRICS is not the only alliance that is looking to topple the US dollar as the world’s reserve currency. It has now inspired a new counterpart that is also aiming to replicate the development and further the de-dollarization agenda. Similar to the BRICS ideology, three countries in Africa are planning to launch a new currency and sideline the US dollar for trade settlements.
Also Read: 3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar
A trio of countries in Africa – Niger, Mali, and Burkina Faso are planning on the formation of a new currency. All three countries are former French colonies that have experienced military coups in recent years. The trio of nations are currently being governed by military regimes. They are now taking a leaf from the BRICS playbook with the idea of launching a new currency.
BRICS: 3 African Countries Plan On Launching New Currency
The three African countries have also formed a new defense alliance called the Alliance of Sahel States (AES). The AES bloc wants a new ‘West Africa’ currency that will have no ties with the US dollar. The trio of nations plan to settle trade among themselves with the new currency and not the US dollar. The idea is similar to BRICS which is also working on the formation of a new currency.
Also Read: BRICS Provides Update On The New Currency
The development will be another blow to the US dollar as several new countries are now embracing the de-dollarization agenda. BRICS has now inspired new alliances to break away from the US dollar and launch new currencies. Read here to know how many sectors in the US will be affected if many countries ditch the dollar for trade.
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General Abdourahmane Tiani, the head of Niger’s ruling military junta confirmed the plans of forming a common currency like BRICS. “The currency is a first step toward breaking free from the legacy of colonization,” he said to France 24.