The prominence of the US dollar seems to be going downhill as BRICS nations steer away from dollar dependency. Brazil and China had earlier discussed trading in their own nations’ currencies. Brazil, which is one of the prominent BRICS nations, has jointly agreed with other BRICS nations on what seems to be a well-thought-out strategy to reduce US dollar dependency.
Brazil’s President Luiz Inácio Lula da Silva has also been quite vocal in this matter. He had recently made a statement about his dream of a trading currency other than the US dollar, which was shared by TRT World Now.
JUST IN: 🇧🇷 Brazil's president Lula says he dreams of trading currency other than the US dollar.— Watcher.Guru (@WatcherGuru) May 29, 2023
Brazil’s president dreams of a new trading currency
Lula stated that South American countries must understand the necessity of working as a bloc to tackle poverty. Additionally, he stated that they will debate requests from several countries to join the bloc at the BRICS summit.
Talking about his dreams of trading currencies other than the US dollar, that vision doesn’t seem to be far off, as he stated in April regarding his support for the creation of a currency for trade between BRICS countries.
The BRICS nations are reportedly exploring the possibility of developing a new currency. Alexander Babakov, a Russian politician and Deputy Chairman of the State Duma, disclosed the ongoing efforts of the BRICS countries in this regard. It is not just Brazil; other nations like China, Russia, Iran, etc. are dumping the US dollar.