It has been just revealed the fact that a BRICS leader said the fact that the days of the US dollar are over. Check out the latest reports about this below.
US dollar era is over
Anil Sooklal, an ambassador from Africa and a BRICS official, has claimed that the US dollar’s prosperous era is over.
During a media briefing, Sooklal informed journalists that the BRICS nations, which include Brazil, Russia, India, China, and South Africa, are moving away from the world’s primary reserve currency.
He explained that the group hopes to enhance economic partnerships among its members by conducting transactions in their respective national currencies.
“What we have said and we continue to deepen is trading in local currencies and settlement in local currencies.”
According to Sooklal, the imposition of financial and economic sanctions against Russia by the US and its allies due to the conflict in Ukraine has accelerated the BRICS economic bloc’s shift away from using the dollar as the main currency.
This process was already initiated by BRICS, and the conflict and sanctions have only hastened its progress. Sooklal emphasizes that the world has shifted from being dollar-centric to a multipolar global trading system.
Despite this commitment to avoiding the dollar, BRICS will not be discussing the possibility of launching a new global currency during its upcoming summit.
“There’s never been talk of a BRICS currency. It’s not on the agenda.”
BRICS finalizes mass expansion plan
South Africa’s representative, Anil Sookal, revealed in a recent interview with RT, a news outlet backed by the Russian government, that he and his team have been working on prioritizing and organizing the expansion effort for the past year.
Sookal notes that the BRICS leaders will be convening during a summit in South Africa next week to discuss the details on how to welcome more countries into their circle. Check out our previous article in order to learn more details.
