BRICS: Calls To Move Away From the US Dollar Is Growing
A handful of developing countries are inspired by the BRICS alliance to ditch the US dollar for cross-border transactions. Emerging economies are taking cues from the bloc to de-dollarize their economies and make local currencies the sole beneficiary for payments. The calls to cut ties with the US dollar are growing and the White House is unable to clamp it down. Also Read: BRICS: US Could Toughen Sanctions on Russia’s Oil Exports BRICS members China, Russia, and Iran are advancing the de-dollarization initiative by pushing local currencies ahead for trade. The move is adding pressure on the greenback’s prospects as it could lose out on the demand and supply dynamics. They are also diversifying their central bank reserves by adding gold and other currencies and commodities. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: India Makes Huge Announcement on New Currency BRICS Advancing To End US Dollar’s Supr...