It’s been just revealed that the new president of Brazil says that BRICS should move forward with the plan to dethrone the US dollar. Check out the latest reports below.
Brazil’s new president addresses the US dollar’s decay
According to reports from Nikkei, Brazilian President Luiz Inácio Lula da Silva has suggested that the BRICS nations should consider establishing their own common currency as an alternative to the US dollar on the global stage.
President Lula made this suggestion after attending the G7 meeting in Hiroshima and shared his thoughts during a press conference. He believes that such a currency would provide significant benefits for the group of five nations.
Lula has reported that Brazil is strengthening economic relations with China and aims to establish a shared BRICS currency.
Those views stand in contrast to the goals of the economically elite G7 nations, which are focused on “de-resking” without “decoupling” from China.
Around a month ago, President Lula showed his initial agreement towards a BRICS currency. Recently, he made further statements on the matter.
“Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the [trade] currency after the end of gold parity?”
Leaders from BRICS nations have expressed varying opinions on the possibility of a shared currency, depending on their respective countries.
US dollar dumping begins
Russian foreign minister Sergey Lavrov said just recently that the de-dollarization is already underway due to the US government’s rhetoric and policies.
According to a recent report from Tass, Lavrov has stated that the countries belonging to the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, are currently devising a plan to move forward without the need for the US dollar.
