35 New Countries To Abandon US Dollar at 2024 BRICS Summit
Russia’s President Vladimir Putin has confirmed that 35 new countries will participate in the upcoming BRICS summit. The 16th summit is scheduled to be held in the Kazan region of Russia from October 22 to 24. The nine-member alliance will discuss de-dollarization, rewrite trade policies, and prefer local currencies for cross-border transactions. Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar Over 35 countries have confirmed their participation in the upcoming BRICS Summit in Russia. pic.twitter.com/AJOaX2C1bb — BRICS News (@BRICSinfo) October 16, 2024 Read here to learn how many sectors in the US will be affected if BRICS ditches the dollar for trade. Several developing countries are finding the de-dollarization initiatives lucrative, as using local currencies will boost their native economies. This development puts the US dollar on the path of decline, as ending reliance on the currency will lead to deficits. Also Read: Donald Trump Makes Huge An...