Algeria to Join and Adopt BRICS Currency?

Joshua Ramos
BRICS nations leaders

As the concept of expansion has been a consistent one for the BRICS bloc, could Algeria join and adopt the developing BRICS currency? Subsequently, the nation could join a host of different countries that are seeking entry into the bloc.

With the annual summit fast approaching, more than 20 nations are said to have submitted membership applications to join the collective. Now, with its location and relationship with the BRICS nations, could Algeria be set to join the bloc?

Algeria Set to Join BRICS?

Source: Reuters

In November 2022, Algeria announced an official bid for membership in the BRICS nations. Subsequently, the country was set to join the economic bloc that already featured Brazil, Russia, India, China, and South Africa. Subsequently, the two largest nations in the collective had optimistically spoken about the country’s prospect for membership.

Specifically, Russia’s foreign minister Sergey Lvrov stated, “With its qualifications, Algeria is a leading contender,” to join the bloc. Moreover, with the summit arriving in just a few months, expansion plans for the bloc feel more real now than they ever have.

BRICS hasn’t expanded since South Africa joined in 2011. Yet, its talks of expansion have seemingly ramped up ahead of its annual summit arriving in just a few months. Algerian president Abdelmadjid Tebboune stated that “membership of BRICS is dependent on an economic condition that Algeria largely satisfies.”

BRICS Nations Leading International Interest in Bitcoin
Source: Unsplash

The BRICS nations make up 25% of the world’s GDP and 42% of its population. Thus, a host of countries have sought to join its ranks. Moreover, Algeria’s joining of BRICS could pave the way for the adoption of the incoming BRICS currency. Specifically, it is primed to be another talking point of the annual summit.

Currently, Algeria is struggling economically. Specifically, its GDP of $174.2 billion in 2021 would be the smallest in the bloc. Comparatively, South Africa noted a GDP of $353.26 billion in that same year. This a reality that must be addressed prior to the country’s acceptance

Subsequently, they could experience that as a hindrance to its potential acceptance. Alternatively, it does boast a favorable geographical location and a population that is growing quickly. Ultimately, BRICS’ eagerness to expand and Algeria’s qualifications could make the deal beneficial for both.