BRICS: Brazil to Push for Greater De-Dollarization Efforts

Joshua Ramos
Source: Reuters

With the BRICS Summit coming in a little more than a month, Brazil is prepared to push for greater de-dollarization efforts. Moreover, Brazil’s president, Luis Inacio Lula Da Silva, has said that he is prepared to push the agenda for a BRICS currency at the gathering of the bloc’s leaders slated for this August.

Da Silva has been outspoken in his desire to increase de-dollarization. Subsequently, he has been vocal about lessening the reliance on the US dollar, and the West in general. Alternatively, the discussions are certainly set to include discourse on a developing BRICS currency for the bloc.

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Brazil to Push De-Dollarization at Upcoming BRICS Summit

The BRICS bloc has firmly embraced a lessening reliance on the West in recent months. Indeed, the collective has established trade with national currencies while diminishing the presence of the Greenback on an international scale. Yet, the upcoming gathering of the bloc’s leaders could push those endeavors into another gear.

Now, at the upcoming BRICS summit, Brazil is reportedly set to push for greater de-dollarization efforts. According to recent reports, Da Silva is prepared to discuss the matter at the event. Specifically, seeking continued transition to national currencies.

Source: Brazil Agency

“It’s not clear why Brazil and Argentina would trade in dollars. Why don’t we do it in our own currencies?” Da Silva stated. “Why can’t Brazil and China trade in their currencies? The question of why I need to buy dollars is on my agenda. And if it depends on me and only me, then we will discuss this at the next BRICS meeting.”

Subsequently, Da Silva has perhaps been the most outspoken BRICS leader seeking de-dollarization. Earlier this year, he voiced his support for a BRICS trade currency. Moreover, he has called for the bloc to embrace its own identity and continue the transition away from Western dominance.

Although the process of creating a BRICS currency is one that requires immense care, it seems inevitable. Conversely, the upcoming summit is primed to feature extensive talks on both currency development and expansion. These two matters have become vitally important to the alliance’s development.