BRICS Abandons US Dollar, Settles 65% of Trade in Local Currencies
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...