BRICS to Finalize New Currency Plans at Summit

Joshua Ramos
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With the event just a few weeks away, the BRICS economic alliance is reportedly set to finalize new currency plans at the upcoming annual summit. Indeed, the bloc is primed to discuss an alternative currency, while also bringing forth important de-dollarization plans for the bloc.

Both the idea of an alternative currency and the push for greater use of local currencies have become key parts of BRICS operations. Moreover, a lot of those aspects are set to be involved in the impending summit, where nations will gather to explore all things currency related in the short term.

BRICS Bank New Development Bank NDB
Source: Wikipedia

Also Read: South Africa Names 23 BRICS Expansion Candidates

BRICS Currency Plans Will be Finalized at Upcoming Summit

The BRICS bloc has enjoyed a rather eventful year thus far. Subsequently, that will capitalize on an annual summit that will be tremendously important for the bloc’s trajectory. Now, with that event just a few weeks away, the economic alliance is poised to solidify its plan moving forward.

Specifically, the BRICS bloc is set to finalize new currency plans at the upcoming summit. The bloc will discuss both alternative currency plans, and continued de-dollarization efforts during the event. Additionally, that discussion should catapult the bloc’s efforts into the foreseeable future.

BRICS Leaders
Source: Wikipedia Commons

Also Read: Over 40 Countries Ready to Embrace BRICS Currency

“One of the main topics on the agenda, other than the group’s expansion, is a push to conduct more trade among BRICS nations in local currencies and reduce reliance on the US dollar,” Al Arabia Reported. Moreover, that should see the bloc discussing the logistics of local currency adoption for trade purposes.

It appears as though the implementation of an alternative trade currency will no longer be a short-term goal. However, China has recently been exposed as a massive purchaser of gold heading into the summit. Subsequently, that could indicate that the plan is still in motion, just not immediately. In the short term, it appears the summit should see finalized de-dollarization efforts, coinciding with local currency adoption bloc-wide.