BRICS Member Admits US Dollar Will Remain Dominant

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Following the landmark BRICS expansion, India has ditched the US dollar in what is a historic oil deal with the United Arab Emirates (UAE). However, Indian Oil and Gas Minister Hardeep Singh Puri doesn’t see de-dollarization as taking root yet.

Speaking to CNBC, Puri says that the US Dollar’s dominance is under no real threat from emerging market currencies. “I wish the Indian rupee should be the lead currency in the world. But I’m also a realist,” he said.

US dollar king crown vs brics

Despite the ongoing efforts to de-dollarize trade worldwide, the US Dollar is still the top dog. However, BRICS has been working to establish a new currency to replace the US Dollar, or at least a new commonly tradeable one like the Indian Rupee or Chinese Yuan.

When asked about the dollar’s role in the oil market, Hardeep Singh Puri replied, it’s “not so easy” to replace it. When pressed further if the dollar’s prominence will remain, he replied, “Yes, I think it will.”

Also Read: BRICS Now Controls 30% of The Entire Global Economy

In his interview with CNBC, Puri said about the BRICS expansion, “Does that mean an alternate global currency is coming? Come on — I’ve been in this game long enough.”

The BRICS bloc met last week to introduce the idea of a new currency as well as expansion with new countries.