Over the last year, discussions on a BRICS currency have abounded. Indeed, the five-country bloc welcomed six additional members at its 2023 summit. Moreover, its plan to de-dollarize international trade has been consistent. Now, with next year’s annual summit on the horizon, could a BRICS Currency be announced in 2024?
There have been a plethora of differing opinions from pundits regarding the implications or potential of such a 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.
BRICS Currency Could Make Its Debut In The Coming Year
The BRICS economic alliance is certainly not a new phenomenon within the geopolitical sector. However, they have ascended to new heights in 2023, becoming a major talking point. Its continued quest for a multipolar world has been led by its de-dollarization plan and growth throughout the globe.
Now, with 2023 seeing the announcement of a six-nation expansion effort, could a BRICS currency be set to arrive in 2024? All signs have pointed to the bloc developing such a currency for unilateral trade purposes. Moreover, its benefits amid Western sanctions are undeniable. As such a project has been under consideration for much of the last year, it doesn’t appear far out of reach.
In August, the BRICS bloc stated that such a currency “increases our payment options and reduces our vulnerabilities.” Moreover, it presents a clear path away from the greenback throughout their trade dealings. As the bloc grows, and they become more reliant financially, such a currency could have long-lasting implications.
Russia and China are set to end 2023 exceeding $200 billion in trade. That is also not a rarity within the BRICS bloc, as their economic impact has been undeniable. With a New Development Bank well established and growing, and options for the currencies functionalities, the geopolitical landscape may not be far from such an announcement.