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BRICS member Russia is aggressively buying and selling currencies in the foreign exchange markets. The Central Bank of Russia initiated large amounts of ‘buy’ and ‘sell’ of currencies in the domestic market on Tuesday. The regulator is exchanging currencies in the Moscow Exchange section and sold tenders worth 0.8 billion Rubles. The first settlement was initiated on November 2, 2023, continuing over Monday and Tuesday of this week. Also Read: BRICS Can Dethrone US Dollar Without Launching New Currency The volume of the currencies sold by the Central Bank of Russia also amounted to the same 0.8 billion Rubles $8.7 million on November 2. The Central Bank is using resources from the National Wealth Fund to operate in the currency market, reported Tass. The news outlet also reported that Russia is exchanging currencies using the Chinese Yuan and Ruble instruments. It is reported that Russia is initiating ‘buy’ and ‘sell’ to keep th...

Cracks emerge in BRICS as China and India have different perspectives on how the bloc should operate and move forward. China’s close allegiance to Pakistan is making India uncomfortable as the Communist country wants Islamabad to be a part of the alliance. India and Pakistan’s rivalry is the main cause for the Modi government to remain skeptical about China’s power prowls. Also Read: 74 Countries Ready To Attend BRICS Summit In August Moreover, New Delhi is against reconciling with Islamabad through Beijing and the move could suffocate BRICS in the process. Pakistan and India’s rivalry dates back several decades and the two nations hesitate to initiate discussions, let alone be a part of the same alliance. India is opposed to China’s idea of bringing Pakistan into BRICS and the infighting is turning into a ‘pricking’ issue. India ’s relationship with China is not friendly either as the two nations have been at odds for decade...

A handful of developing countries from Asia, Africa, and, Latin America are unhappy with the U.S. commanding the global financial sector. Around 19 countries have expressed their interest to join the BRICS bloc and ditch the U.S. dollar. The interest to trade in a new currency comes on the heels of the next BRICS summit which will be held in August. Countries that have been on the receiving end of the White House are desperate to trade in a new currency. Also Read: Germany Warns BRICS Nations Not To Take Advantage of Russian Sanctions Therefore, China is advancing in convincing other countries to settle cross-border transactions with the Chinese Yuan. The move boosts other local currencies making the U.S. dollar slowly yet steadily lose in the supply and demand dynamics. In this article, we will highlight 3 reasons why other countries want to join BRICS ’ mission to ditch the U.S. dollar for global trade. BRICS: Here’s Why Other Countries Want to Ditch the U.S. ...

The U.S. dollar stands at the crossroads of a new financial order as the BRICS alliance is looking to launch a new currency. The present objective of BRICS is to dethrone the U.S. dollar and make the new currency the world’s reserve status. BRICS is advancing in its mission to challenge the U.S. dollar by convincing developing countries to end reliance on the greenback. Also Read: 22 Countries Formally Apply for BRICS Membership The bloc remains successful as close to 41 countries have expressed interest to trade in the new BRICS currency. The development could put a strain on the U.S. economy as the greenback would have no means to fund its deficit. While the debt ceiling crisis is yet to be resolved, the burden of a ‘ BRICS currency success’ will take a toll on the American economy. If BRICS Currency Becomes Successful, U.S. Economy Could Reach Hyperinflation Source: Freepik.com Heritage Foundation economist E. J. Antoni warned that the U.S. dollar is o...

The BRICS block of nations has revealed that they are working on a common currency for mutual trade, and to ditch the Dollar. Although the development has caused a stir among many, the actual practice of moving away from the Dollar might be more complicated than anticipated. To better understand why de-dollarization is more complex than it seems, we should first understand how the Dollar maintains its international standard. After the two destructive world wars, the United Kingdom substantially depleted its gold reserves. The U.S. being a major arms supplier, gained almost three-fourths of the global gold supply. No other country had enough gold to back it. The 1944 Bretton Woods Agreement established the U.S. dollar as the primary reserve currency in the world. Although all ties with the gold standard were broken in the 70s, the U.S. Dollar continues to be the global standard currency. President Richard Nixon famously established what is known as the Petro-Dollar. In 1971, U.S. st...