With the BRICS bloc actively discussing expansion, could Thailand join the alliance and adopt the BRICS currency?
Currently made up of Brazil, Russia, India, China, and South Africa, various countries have submitted membership requirements to add to the ranks. of the BRICS nations. Others, meanwhile, are publicly supporting the mission to deteriorate the US Dollar through de-dollarization.
Will Thailand Join And Adopt BRICS Currency?
Thailand is a part of the ASEAN bloc, which contains nine other Southeast Asian countries. These countries’ leaders’ recently signed a declaration to stop using the U.S. dollar for international trade and aim to promote their local currencies instead. The move bolsters the power of ASEAN nations’ local currencies and leads the U.S. dollar into a gradual decline. This objective, of course, coincides with the mission of BRICS to push de-dollarization.
As the US Dollar suffers from more countries ditching it, and growing inflation, the threat of BRICS grows parallel. A BRICS currency is not set in stone yet. Thailand though, is one of the multiple countries that is looking to get rid of the USD.
The country may or may not adopt the BRICS common currency if one is established. However, if BRICS opts for its bloc countries to trade in their own currencies, surely Thailand would maintain its interest in the alliance.