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Russia’s Foreign Minister, Sergey Lavrov confirmed that BRICS has paid more than 65% of trade settlements among member countries in local currencies and not the US dollar. Only around one-third of all trade payments were settled in the US dollar, the minister added. The greenback is declining while local currencies are filling in the void in the forex markets. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 The significant drop in the usage of the US dollar is alarming as BRICS is primarily using local currencies for cross-border transactions. The US dollar stands at a pivotal time in history where its dominance is being challenged by developing countries. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: 65% of Trade Among Members Settled in Local Currencies Source: iStock The dollar’s share in trade settlements is dropping massive...

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...

Two new developing countries recently collaborated to settle trade in local currencies, not the US dollar. The collaboration comes when developing nations seek to boost regional trade that benefits their economies. This puts pressure on the US dollar as countries in Asia, Africa, and South America are putting local currencies ahead of the USD. Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar US Dollar: Afghanistan & Uzbekistan Collaborate to Boost Regional Trade Source: m.akipress.com Afghanistan and Uzbekistan have collaborated to boost regional trade with major new agreements without the US dollar. The deals include the construction of the UAP Railway Project and the Termez International Trade Center. Afghanistan’s Taliban government has also increased trade with its neighbouring countries, such as Uzbekistan, Turkmenistan, and Kazakhstan. Projects like the TAPI Gas Pipeline and Trans-Afghan Corridor are growing rapidly. Also Read: Currency: Russia I...

BRICS member China thinks it is spearheading the de-dollarization campaign by convincing developing countries to ditch the US dollar and trade in local currencies. While a handful of emerging economies have agreed to China’s demands, they are only acting out of self-interest. China is under the illusion that it has kick-started the de-dollarization agenda while in reality, developing countries are only seeing what benefits them. Not just other emerging economies, even BRICS members are using China when it suits them the best. Also Read: BRICS No Longer Attaching Importance to the US Dollar For instance, BRICS counterpart India agreed to end dependency on the US dollar and settle trade in local currencies. For over a year, India paid the Chinese yuan to procure oil from Russia at a discounted price due to the sanctions. India saved $7 billion by paying local currencies between 2022 to early 2024. However, both Russia and China kept demanding India pay the Chinese yuan or the Russia...