Scotty mar 10 - Published August 25, 2023
BRICS TO OFFICIALLY ABANDON US DOLLAR
WATCHER.GURU
Joshua Ramos - August 24, 2023
According to Brazil’s president, the BRICS economic alliance is officially set to abandon the US dollar for trade settlements. Moreover, the development aligns with recent de-dollarization efforts embraced by the bloc. As they continue to promote the use of local currencies internationally.
Brazil’s President, Luiz Inacio Lula Da Silva, confirmed the development at this week’s BRICS Summit. Additionally, the bloc announced its agreement to expand. Changing the geopolitical landscape, the alliance is set to welcome six additional countries by 2024.
BRICS Officially Moving Away From US Dollar for Trade
The highly anticipated BRICS summit arrived this week, with the entire world watching. Specifically, the geopolitical sector sought to see what could come from the gathering. A focus had been placed on both local currency development and potential expansion.
Now, after expansion had already been announced, the BRICS is set to officially abandon the US dollar for trade settlements. The move falls in line with the economic policies the bloc had been set to embrace and was confirmed by Brazil’s president. Ultimately, it is set to have a notable impact on the performance of the greenback in the impending months.
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