BRICS host South Africa has invited 69 countries to attend the upcoming summit in Johannesburg on August 22 to 24. The invitation has been sent to all African heads of nations and the Global South bodies. Read here to know the list of 69 countries that have been invited to attend the BRICS summit in Johannesburg. On the heels of the summit, South Africa’s BRICS Ambassador Anil Sooklal made a huge announcement reading currency discussions.
Also Read: BRICS: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar
The revelations provide insights into what the BRICS alliance would discuss at the table with world leaders. BRICS aims to end the U.S. dollar dominance and allow local currencies to dominate the international markets.
BRICS: South Africa’s Ambassador Makes Big Announcement on Currency Discussions
The South African Ambassador revealed exclusively to Watcher Guru, that BRICS will discuss the use of native currencies for cross-border transactions. Sooklal indicated that a decision to ditch the U.S. dollar for global trade could be taken at the upcoming summit.
Also Read: 13 Countries Officially Apply To Join BRICS Alliance
Our “Discussion focuses on deepening use of local currencies,” said Sooklal exclusively to Watcher Guru. Therefore, the bloc of five nations will put forth their respective currencies to settle global trade and not the U.S. dollar. The use of native currencies will bolster their local economies and not be dependent on the Western powers.
Read here to know how many sectors in the U.S. could be affected if other countries use local currencies for international trade. Also, this puts the U.S. dollar at a disadvantage as the means to fund its deficit will begin to dwindle. BRICS is an acronym for Brazil, Russia, India, China, and South Africa.
Also Read: BRICS: US Dollar Accounts for 59% of All Foreign Exchange Reserves
The alliance is looking to dethrone the U.S. dollar by putting their local currencies forward for global trade. Moreover, the bloc of five nations is eager to end reliance on the U.S. dollar and is convincing other developing countries to follow suit. In addition, Russia, India, and China convinced a handful of countries to settle trade in their respective native currencies and not the U.S. dollar.